In a fervent appeal to the Chief Justice of Pakistan (CJP), prominent crypto enthusiast and Technology Movement Pakistan member Waqar Zaka has called for a staggering $2 billion fine on Binance and other cryptocurrency companies.
Zaka's letter, addressing gross legal violations of corporate and financial laws in Pakistan and Fundamental Rights guaranteed by the Constitution of Pakistan 1973, brings to light the world's largest cryptocurrency exchange's culpability.
Waqar Zaka underscored the gravity of the situation, pointing out Binance Holdings Limited's (Binance) guilty plea on November 21, 2023.
The cryptocurrency giant agreed to pay over $4 billion to settle the Justice Department's investigation into violations related to the Bank Secrecy Act (BSA), failure to register as a money-transmitting business, and the International Emergency Economic Powers Act (IEEPA).
Binance's role in Pakistan
Zaka emphasised Binance's significant role in the Pakistani crypto landscape since its establishment in 2018.
With thousands of Pakistani users actively participating in trading on the platform, the country has become one of the top contributors to Binance's substantial revenue.
Appeal to apex court
In his plea to the Supreme Court of Pakistan, Zaka appealed for the court's intervention, invoking Article 184(3) of the Constitution of Pakistan, 1973.
He urged the court to take Suo Motu cognizance of the alleged blatant violation of Pakistani laws and the constitution, putting an end to what he termed a "travesty of justice" by imposing a $2 billion fine on Binance Holdings Limited and its CEO, Changpeng Zhao.
Citizens' last refuge
Highlighting the Supreme Court's historical role as the last refuge for every citizen of Pakistan seeking protection of their Fundamental Rights, Zaka expressed hope that the court would address the matter with the seriousness it deserves.
This appeal comes amidst growing concerns globally about the regulation and compliance of cryptocurrency exchanges, with Binance, a major player in the market, facing legal scrutiny not only in Pakistan but also in other jurisdictions.
The Supreme Court's decision on whether to take up the case and impose the suggested fine will undoubtedly have far-reaching implications on the crypto landscape in Pakistan.