Industry Leaders Call for Unified Crypto Body to Safeguard Pakistani Investors After Binance Breach

Pakistan's rapidly expanding cryptocurrency market requires a formal industry association to represent investors and improve coordination with international exchanges, according to Hinza Asif, President of the Asia Web3 Alliance Japan (AWAJ). Her comments came in the wake of a multibillion-dollar cybersecurity breach involving Binance, which raised questions about how Pakistani investors would be represented if a major global platform faced a security or financial crisis.

In a statement, Asif noted that the country's digital asset sector remains hampered by a lack of reliable investor data and the absence of an organized platform through which market participants can coordinate or raise concerns during major incidents. She explained that cybersecurity breaches at large exchanges can lead to financial losses, unauthorized transactions and withdrawal disruptions, all of which risk undermining investor confidence.

Pakistan ranked third in Chainalysis' 2025 Global Crypto Adoption Index, underscoring the scale of its cryptocurrency activity. Estimates place the number of crypto-linked accounts at around 40 million, with digital asset exposure ranging between $10 billion and $20 billion. However, these figures have not been officially verified as representing individual investors, and Asif stressed that the potential impact of the Binance incident on Pakistani users remains unclear and requires independent verification.

"The question is who will represent and protect Pakistani investors if an international exchange faces a major cybersecurity or financial crisis," she said, pointing out that Pakistan lacks an established mechanism to coordinate investor complaints and engage with international exchanges in such circumstances. She welcomed the government's regulatory initiatives through the Pakistan Virtual Assets Regulatory Authority (PVARA) and said the regulator and an independent industry association would have complementary roles.

While PVARA would oversee regulatory matters within its legal mandate, an industry representative body could provide a platform for fintech companies, blockchain businesses, technology professionals and investors to raise concerns and engage with policymakers. Asif also called for a national digital finance platform supported by reliable market research, coordinated investor grievance mechanisms, cybersecurity awareness and formal partnerships with international industry organizations.

She added that Pakistan's digital finance potential extends beyond cryptocurrency trading to include blockchain applications, digital payments, fintech entrepreneurship and international investment.

The push for a unified industry body comes as Pakistan moves to formalize its virtual asset sector, balancing innovation and investor protection in one of the world's fastest-growing crypto markets.