Pakistan Allows Binance, HTX To Start Applying For Crypto Exchange Licences - Details Here

(MENAFN- Live Mint) Pakistan has granted preliminary approval to Binance and HTX, allowing the two crypto platforms to register with regulators, set up local subsidiaries and start working on submitting full applications for crypto-exchange licences, the country's virtual assets authority announced on Friday.

The move comes as jurisdictions such as the United Arab Emirates, Japan and parts of the European Union expand formal licensing rules for crypto exchanges amid broader global regulatory tightening.

Binance is one of the world's largest cryptocurrency exchanges, whereas HTX is a cryptocurrency exchange based in Seychelles.

NOCs issued to platforms

The Pakistan Virtual Assets Regulatory Authority (PVARA) said it had issued No Objection Certificates (NOCs) to the two digital asset exchanges after reviewing the companies' governance, compliance and risk controls, Reuters reported.

However, it also clarified that these clearances“do not constitute a full operating licence”. It will simply allow Binance and HTX to register on the anti-money-laundering system, set up regulated local units and prepare full licence applications once the final rules are issued.

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PVARA Chair Bilal bin Saqib said the NOCs mark“the beginning of a new chapter” adding that only well-governed, fully compliant platforms will progress toward licensing under a phased approach aligned with global anti-money-laundering and counter-terror financing standards.

“The introduction of this structured NOC framework demonstrates Pakistan's commitment to responsible innovation and financial discipline,” Finance Minister Muhammad Aurangzeb said in a statement.

Pakistan bets big on crypto

During the Binance Blockchain Week Dubai 2025, which was held earlier this week, Bilal bin Saqib said that Pakistan ranks as the world's third-largest crypto market by retail activity.

The move comes as Pakistan rushes through a major overhaul of its digital finance system. In just a few months, the country has set up the Pakistan Crypto Council and established the Virtual Assets Regulatory Authority while drafting a formal licensing framework for crypto companies.

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Pakistan also plans to launch a pilot for a central bank digital currency and introduced a new Virtual Assets Act in 2025. The government has also begun talks with US-based World Liberty Financial on building digital asset infrastructure.

In addition, officials are reviewing proposals from crypto-mining and AI data centre operators that are interested in using Pakistan's surplus electricity for investment projects, Reuters reported.

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