Pakistan has taken a significant step toward regulating its cryptocurrency market by granting preliminary approval to major global exchanges Binance and HTX. The Pakistan Virtual Assets Regulatory Authority (PVARA) confirmed that both platforms have received no objection certificates (NOCs), allowing them to register local subsidiaries and move closer to obtaining full operating licences.
Regulator Advances Phased Crypto Framework
PVARA said the NOCs were issued as part of Pakistan’s phased approach to building a regulated digital asset ecosystem. The authority emphasised that strong governance, anti-money laundering controls (AML) and counter-terrorism financing compliance (CFT) are central to its framework as it aligns with international standards set by the Financial Action Task Force.
The NOCs will enable Binance and HTX to formally engage with the Securities and Exchange Commission of Pakistan. They can now begin preparing their complete licence applications once the country finalises its regulatory structure for virtual asset service providers.
High-Level Meetings With Pakistan’s Finance Minister
Following the clearance, Pakistan’s Finance Minister Muhammad Aurangzeb met with Binance CEO Richard Teng, Binance co-founder Changpeng Zhao also known as CZ, and Tron founder Justin Sun. Sun currently serves as a global adviser to HTX.
Aurangzeb called the move “a structured NOC framework” that reflects Pakistan’s commitment to responsible financial innovation. The meeting marked an important step in bringing global crypto leaders into Pakistan’s developing digital asset landscape.
Binance CEO Teng welcomed the decision, describing it as a meaningful milestone for the exchange in Pakistan. He confirmed that Binance has secured AML registration from PVARA, bringing it closer to full licensing and deeper local collaboration. He added that the company looks forward to helping build a safe, transparent and future-ready digital asset ecosystem.
Progress Follows Months of Regulatory Development
The announcement comes after PVARA held its inaugural board meeting in August. During that session, the authority proposed an initial licensing framework, discussed taxation strategies and explored international partnerships. The Pakistan Crypto Council also contributed to the regulatory progress. The council lists Binance co-founder CZ among its advisers, highlighting the growing cooperation between global exchanges and local regulators.
Pakistan Eyes Bitcoin and Blockchain as Future Infrastructure
PVARA Chairman Saqib, who serves as minister of state for digital assets, has encouraged the government to take digital assets seriously as potential foundations for national financial infrastructure. Speaking at the Bitcoin MENA Conference, he said Pakistan views Bitcoin and blockchain not merely as speculative tools but as essential elements of a new digital financial rail for the global south. He argued that these technologies represent long-term infrastructure rather than short-term noise.
The country’s clearances for Binance and HTX signal an evolving regulatory environment, reflecting Pakistan’s ambition to modernise its financial systems through cryptocurrency oversight and international collaboration.
