Changpeng 'CZ' Zhao, the former CEO of the crypto exchange giant Binance, has joined the Pakistan Crypto Council as a strategic advisor to help guide efforts on crypto infrastructure, education, adoption and other pursuits, according to local media.
Zhao's appointment to the Pakistan Crypto Council, a regulatory body within the Pakistan government that oversees blockchain and crypto-powered initiatives, comes amid the country's larger effort to embrace cryptocurrency. The Pakistan government formed the Pakistan Crypto Council in mid-March of this year, according to additional local media reports.
As Pakistan Crypto Council CEO Bilal Bin Saqib told Bloomberg TV on Mar. 20, Pakistan's broader push into digital assets comes after the election of United States President Donald Trump. The Trump administration has promised to make America the leader of digital assets, complete with efforts to create a crypto reserve, including BTC and ETH.
"Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit or it will be at the risk of getting left behind,” Saqib said in the interview.
“Our plan as the Pakistan Crypto Council is very clear — Pakistan is done sitting on the sidelines," Saqib continued. "We want to have regulatory clarity, we need to have legal framework that is pro business, we need institution adoption […] We want Pakistan as the leader of blockchain-powered finance, and we want to attract international investment.”
Though CZ previously served as CEO of Binance, he left the firm in accordance with the United States Department of Justice after pleading guilty to violating the Bank Secrecy Act in November 2023, The Block previously reported. As a result of his plea, CZ served four months in prison and agreed to pay a $50 million fine.
Binance and CZ have been increasing their presence in South Asia and the Greater Middle East. On Mar. 12, Binance received $2 billion in funding from MGX, an Abu Dhabi-based technology investment firm, in one of the largest financing deals that Binance received to date, with MGX taking a minority stake in Binance.
Binance led the cryptocurrency spot market in February, handling nearly $651.5 billion in trades — 36.8% of the $1.77 trillion total — according to The Block's Data Dashboard.
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