In the past, Pakistan has experienced tremendous growth in cryptocurrency adoption. This growth can be attributed to a multitude of factors, including the country’s large population of tech-savvy individuals, its rapidly growing economy, and its relatively low levels of financial inclusion.
However, a major driver behind this growth is Binance, the world’s largest cryptocurrency exchange. The exchange offers a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin (BNB), and an easy way for Pakistan nationals to trade on the platform and gain maximum leverage.
Accessibility for Everyone
Binance has also taken steps to make its platform accessible to all Pakistan nationals. The exchange has launched a dedicated Pakistani website in Urdu and in English, and it has also provided an easy way for individuals to trade with cryptocurrencies by sending payments through the P2P trading feature.
As a result of Binance’s efforts, Pakistan has become one of the most active crypto markets in the world. Only in 2021, Pakistanis traded over $20 billion worth of cryptocurrencies on Binance platform. The growth has not stopped and according to Chainalysis, Pakistan is the 8th biggest cryptocurrency trading country and 9th biggest P2p trading country in the world.
This growth is expected to continue in the coming years, as more and more Pakistanis adopt cryptocurrencies.
Here are some of the specific ways that Binance has helped to connect Pakistan to global crypto markets:
Wide range of cryptocurrencies
Binance offers over 600 cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin (BNB). This allows Pakistani users to trade a variety of cryptocurrencies, including those that are not available on other exchanges.
Launchpools & Earning Options
Binance has made it easier for any Pakistani national to earn cryptocurrencies not just by trading but a multitude of earning options available on Binance platform like Dual Investment, Simple Earn, Staking, Launchpools, and others.
Simplified KYC Process
Unlike other crypto exchanges that either require a lot of documentation or take a lot of time to approve KYC processes, Binance does that within 24 hours. This makes it easier for anyone with an NIC and a mobile number to easily register themself on the platform and start trading.
Support & Education
Binance has also launched Binance academy that allows Pakistanis to easily learn about cryptocurrencies from the comfort of their home. The academy doesn’t only talk about trading and features of the platform, but also shares light on cryptocurrencies in detail. This helps Pakistani users to identify which cryptocurrency is worth investing in and make a sensible investment decision.
P2P Registered MerchantsÂ
Binance also allows users a safe way to trade on the platform by buying USDTs. Users can visit the P2p section on Binance and trade with registered merchants directly. This allows them to buy USDTs at a fair price and without getting defrauded from scammers. These registered merchants also keep a collateral of $5000 with Binance to ensure that they deal in fairness.
Work on Cryptocurrency Legislations
Binance is already working on legislation around cryptocurrency trading across different countries like the United Arab Emirates and South Africa. It has even offered the Pakistan government to help with legislation to ensure that crypto trading takes place in a safe environment in Pakistan.
Inclusion & DiversityÂ
With the help of Binance, women in Pakistan are also able to trade on the platform without any issues and anonymously. They can even buy cryptocurrencies directly from P2p traders and then either trade or invest on the platform as and when needed.
Employment Creation
With Binance P2p features, many Pakistani traders are now directly trading on the platform as a merchant. They are not only registered on Binance but also running their own businesses by registering their exchanges with the government. These registered merchants are a source of job creation for the local public and they also bring in revenue directly generated from the Binance platform.
Funding for Pakistani StartupsÂ
Binance is also creating an ecosystem for crowdfunding startups that are created on the BNB chain. This also gives Pakistani startups a chance to use Binance platform not only to raise funds but also to get a community to back and test their software even before it is launched in public.
Binance’s Role in Financial Inclusion
Binance has also launched its own prepaid debit card with cryptocurrency payments. This allows individuals who plan to convert their crypto into FIAT, to do so directly with the help of the debit card. The debit card also ensures that all the Binance funds are safe in a physical card.
What steps is Binance taking to stay compliant?
Binance is using some of the best practices to ensure that it remains compliant with Pakistani financial guidelines. These include:Â
- Ensuring a complete KYC process for all its Pakistani users
- It is already in discussion with Pakistani government to get licensing within the country.
- Implementing surveillance technology to protect platform from scammers and money launderers
- Creating regulatory technology (RegTech) procedures for seamless banking and compliance within the country.
Final Words
As a matter of fact, Binance’s efforts in integrating Pakistan into the global cryptocurrency markets have proven to be highly effective.Â
As of now, Binance is the number one cryptocurrency platform in the country that is used widely and also has a community to offer support and help as and when needed. By providing a user-friendly platform and a wide range of cryptocurrency offerings, Binance has significantly increased accessibility for Pakistani users. This has not only facilitated the adoption of cryptocurrencies in Pakistan but also contributed to the substantial growth of the local crypto market, and also has become a source of job creation for many Pakistanis.Â
The exchange’s commitment to expanding crypto literacy and providing robust trading options has solidified its position as a pivotal player in the financial evolution of Pakistan.
