Bittrex allows Pakistani crypto traders to trade on their platform despite the harsh ban despite the ban by Pakistan central bank. Recent developments have discouraged crypto trading in Pakistan after Central Bank of Pakistan’s ban against crypto transactions. In its Friday’s official statement State Bank of Pakistan has ordered local banks not to facilitate transactions to crypto exchanges. Read the full blog here: State Bank of Pakistan Bans Cryptocurrencies Transactions
Following this decision Pakistan’s pioneer crypto trading exchange Urdubit has also announced to seize its operations from Pakistan, asking Pakistani crypto traders to withdraw their amounts at the earliest. Read the full story here: Urdubit Closing Operations in Pakistan-Asks Traders to Withdraw Funds
Bittrex allows Pakistani traders to use their platform
In this scenario where all the Pakistani traders are disappointed about their future in trading; Bittrex seems to be the light at the end of the tunnel. In a response to a Pakistani Trader, Asad Shoaib’s email; asking whether Pakistani crypto traders are still allowed to trade at Bittrex after the ban from Central Bank of Pakistan; Bittrex official, Malcolm replies that the ban is an internal affair of Pakistan and that he does not think Pakistani traders will be banned on their platform; since they only adhere to American Regulations.
Here is the response from Malcolm “To my knowledge Pakistan will not be OFAC banned because the issue of Pakistani banks not supporting cryptocurrency is an internal affair and not governed by America’s regulations”
Bittrex is one of the top crypto exchanges in the world and their response has jubilated Paki traders who are finding ways to conveniently trade from Pakistan.
Bittrex allows Pakistani crypto traders to trade on their platform despite the harsh ban
The advantage of trading with Bittrex
Most of the exchanges put geographical restrictions on the traders from specific countries where crypto trading is banned which is a point of concern for the traders. Bittrex is an exception that seems to be allowing Pakistani traders despite the harsh restrictions of Pakistani Apex financial institution.
What is OFAC?
OFAC stands for Office of Foreign Asset Control; It’s under US Treasury Department’s control. OFAC enforces economic sanctions imposed by the US government against foreign countries. The assets of such countries could be freeze and they are not allowed to do any financial transactions inside the US.
The picture is clearer with an understanding of OFAC and its working. It is really encouraging for the Pakistani cryptocurrency traders who are already considering it very good news to keep cryptocurrency trading with one of the most reputed exchanges in the world.
The future developments in the crypto industry
Several governments and regulatory bodies are moving against digital currencies under the guise of its untraceable nature of transactions. The underlying meaning of such restrictions seems to be different as perceived by the banned exchange owners.
Indian central bank restricted the local banks from doing transactions with these exchanges while on the same day announcing the launch of its own coin. The coin name seems to be “Lakshmi”. This is ironic and social media was flooded with this fishy move by the top bank.
Indian traders were calling it a clear conflict of interest and double standard from the top institution where it only seems to restrict other traders to do crypto trading while himself being an active part of the trade by launching a digital coin. We are having a keen eye on the latest developments in this case and will keep updating you about any progress in this regard.