Binance Secures AML Registration in Pakistan, Moving Closer to VASP Licensing

As Binance continues its journey towards becoming a fully licensed Virtual Asset Service Provider (VASP) in Pakistan, the exchange has successfully obtained anti-money laundering (AML) registration from the country's Virtual Assets Regulatory Authority (PVARA). This marks a significant regulatory step forward for the crypto exchange.

Key Takeaways

Binance has received AML registration from Pakistan’s Virtual Assets Regulatory Authority (PVARA).
This approval is a step towards securing full VASP licensing and indicates regulatory progress.
The initiative reflects Pakistan’s strategy to foster a transparent digital asset ecosystem.
Richard Teng, Binance CEO, is optimistic about collaboration with local stakeholders to promote a safe environment for digital assets.
The approval comes as part of a larger trend of engagement with international crypto entities, as Pakistan opens its market to foreign providers.

Pakistan

The new approval enables Binance to follow a compliance-driven path toward complete authorization, consistent with the standards set forth by the Financial Action Task Force (FATF).

PVARA stated that this decision is part of a larger initiative to create a secure and transparent digital asset landscape, anchored by robust governance and AML measures, along with controls for counter-terrorist financing.

Binance's Commitment to Pakistan’s Digital Asset Development

Richard Teng, the CEO of Binance, referred to the AML registration as a "meaningful milestone" for the company’s operations in Pakistan. He noted, “We’ve obtained AML registration from Pakistan VARA, moving us closer to full VASP licensing and deeper local collaboration.” Teng expressed the company's eagerness to contribute to building a "safe, transparent, and future-ready digital-asset ecosystem" in partnership with local stakeholders.

Additionally, PVARA has issued no-objection certificates to both Binance and HTX, which are part of a phased regulatory framework established to onboard global virtual asset platforms safely.

Next Steps Following AML Registration

With the new AML registration, Binance can operate within established regulatory frameworks while advancing towards full licensing. Achieving a complete VASP license would enable the exchange to offer a wider array of services within Pakistan's digital asset market.

There has been a notable rise in local interest in cryptocurrencies, fueled by retail adoption, remittances, and an increasing awareness of blockchain-based financial solutions. Regulators have shown a tendency to foster engagement rather than enacting prohibitive measures, with PVARA now positioned as the key authority managing virtual asset operations.

Part of a Larger Trend in Emerging Markets

This recent approval adds to Binance's expanding list of regulatory partnerships worldwide, as the exchange seeks to bolster its compliance initiatives across significant markets. The company is committed to working closely with regulators and policymakers to encourage responsible adoption of digital assets.

Pakistan has recently opened its doors to international crypto exchanges and virtual asset service providers, inviting them to apply for licenses to function under a new regulatory framework.

Established under the Virtual Assets Ordinance 2025, the PVARA recently issued a call for Expressions of Interest from firms already operating in other important jurisdictions. With over 40 million users and an estimated annual trading volume of $300 billion, Pakistan's virtual asset market is rapidly growing, although it has remained largely unregulated until now.

Visit from Binance and TRON Leaders to Pakistan

Bilal bin Saqib MBE, who serves as the Special Assistant to the Prime Minister on Blockchain and Crypto, shared images welcoming Binance founder CZ and TRON founder Justin Sun to Pakistan, highlighting deepening relations between global crypto leaders and local stakeholders as the country progresses in its digital asset framework.

Saqib previously told Cryptonews that the cost of doing business in Pakistan is considerably lower than in many other regions.