9 Cryptocurrencies Operating in Pakistan Banned
Nine companies have been banned in Pakistan that are dealing in cryptocurrencies. Securities and Exchange Commission of Pakistan (SECP) has banned the companies that offers Ponzi/MLM, referral marketing, pyramid business/schemes.
These schemes that offer huge profits and incentives can actually be disastrous for the public and deprive them of their hard-earned money.
A clarification has been given that just a registration of a company with the Securities and Exchange Commission of Pakistan does not mean it can not get involved in any unauthorized or unlawful activity.
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The companies that people need to be careful from as advised by SECP are Gold Transmit Network Technology (Pvt.), Limited, Green Apple Super Market (Pvt.) Limited, Galaxy Typing Jobs (SMC-Pvt.) Limited, 3-A Alliance (Private) Limited, Pak Memon Impex (Private) Limited, Memon Corporation (Pvt.) Limited, Humanitas Meritus (SMC-Private) Limited, IDG Enterprises (Private) Limited and Ayat Enterprises (Smc-Private) Limited.
The legal proceedings have been initiated by SECP against the above mentioned companies for violating the Companies Act, 2017’s section 301 read with section 304.
Also notices have been issued by SECP to some other companies that are part of businesses that are banned or against their Memorandum of Association object clauses.
These companies were involved in illegal activities like collecting deposits that were unauthorized from the public or car leasing, electronic alliances etc.
Media coordinator and junior editor at Research Snipers RS-NEWS, I studied mass communication and interested technology business, I have 3 years experience in the media industry.