Urdubit Closing Operations in Pakistan-Asks Traders to Withdraw Funds

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Urdubit Closing Operations in Pakistan-Asks Traders to Withdraw Funds. As a consequence of State Bank of Pakistan’s announcement of declaring crypto currencies illegal and warning people against its trade and transactions, Urdubit, the first ever and most popular exchange in Pakistan has announced to close its operations from Pakistan through a Facebook post reading as follows:

Due to the current stance on Virtual Currencies by SBP we will be closing doors. Please withdraw your funds as soon as possible. SBP nay update kiya hay kay Virtual Currencies allowed nahee hay Pakistan may. Is ko follow kertay howay hum apni operations band ker rahain hain. App please apnay funds withdraw kerlain.”

Read Also: Indian Central Bank Bans Crypto Transactions with All its Financial Institutions

The official order of Urdubit further directed traders to withdraw their PKR amounts and buy Bitcoins immediately as they are cancelling the orders.

Urdubit Closing Operations in Pakistan-Asks Traders to Withdraw Funds

Pakistan’s pioneer crypto exchange started its operations in 2014 with an aim of building a platform to facilitate Pakistani traders and was doing exceptionally well until today. This ban appeared just one day after India’s ban on trading cryptocurrencies.

State Bank of Pakistan’s Friday Circular

State Bank of Pakistan had announced on Friday warning the banks and exchanges to stop doing crypto transactions and also advising the traders to stay away from this risky business. Read their full stance here:

Are Indian Exchanges also shutting Down?

Indian Central Bank had issued a similar kind of circular on Friday declaring crypto currency trade an illegal activity, warning crypto exchanges against facilitating the traders and advising the banks to stop doing transactions with any house dealing with digital currencies.

However, the news is that Indian local exchanges have decided to challenge this ban from Indian Top Financial Institution in the Apex court.

The Aim of State Bank of Pakistan Ban on Crypto

Co-Founder of BlinkTrade, Rodrigo Souza has said that the aim of the central bank is to put a brake on crypto investments. The authority further said “Governments and Banks are going to fight Bitcoin because investing Bitcoin means a bank run on the central bank”

These seams logical since the central banks are having less remittances through its registered institutions in the presence of crypto currencies. As we all know that there are no commission fees or third-party charges for the transaction of money using crypto exchanges and this fact looks to be the most prominent reason behind this ban.

Trader’s Corner

This is an unfortunate news for the Pakistani crypto Traders since this was the pioneer exchange operating from Pakistan and was gaining the trust and earning credibility with its reliable services. To proceed with this bad news, traders should follow the instructions and withdraw their funds immediately before they have to bear a big loss.

Tanveer Ahmad

Tanveer Ahmad is an experienced writer with deep insight into a variety of niches. His prominence lies in the detailed attention he puts to unveil the hidden aspects of his subject. His analytical approach to bring to the surface the futuristic possibilities of anything he writes about, especially on cryptocurrencies and politics are commendable. He eagerly wants a space to write about anything that could help humans develop positiveness in their behavior and to fine-tune their thought process to become an ambassador of peace, harmony, and love.

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