Pakistan Grants Preliminary Approval for Binance and HTX Crypto Exchanges

Investing.com -- Pakistan has granted preliminary approval for Binance and HTX to register with regulators and begin preparing full exchange license applications, announced the Pakistan Virtual Assets Authority on Friday.

The Pakistan Virtual Assets Regulatory Authority (PVARA) issued No Objection Certificates (NOCs) to both cryptocurrency platforms after reviewing their governance systems, compliance, and risk controls.

This approval allows these companies to register with the anti-money laundering system, establish regulated local subsidiaries, and prepare complete license applications after regulations are issued. However, PVARA emphasized that NOCs "are not a full operational license."

PVARA Chairman Bilal bin Saqib described the certificate as "the beginning of a new chapter" and stated that only well-managed and fully compliant platforms will move towards licensing under a phased approach aligned with global anti-money laundering and counter-terrorism financing standards.

Finance Minister Muhammad Aurangzeb stated in a statement that "the introduction of this structured NOC framework demonstrates Pakistan's commitment to responsible innovation and financial discipline."

Pakistan's move comes as other jurisdictions, including the United Arab Emirates, Japan, and parts of the European Union, expand formal licensing rules for cryptocurrency exchanges amid a broader tightening of global regulations.