Binance founder Zhao appointed adviser to Pakistan Crypto Council

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb (left), chairs a meeting with co-founder and former CEO of Binance Changpeng Zhao (second right), in Islamabad, Pakistan, on April 7, 2025. (PID) 
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Updated 07 April 2025
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Binance founder Zhao appointed adviser to Pakistan Crypto Council

  • Pakistan Crypto Council formed this year to set regulatory guidelines for adoption, lure foreign investment
  • Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are not illegal or banned

KARACHI: One of the world’s most powerful people in crypto, co-founder and former CEO of Binance Changpeng Zhao, has been appointed as a strategic adviser to the Pakistan Crypto Council (PCC), the finance ministry said on Monday. 

The announcement came after Zhao met key members of the PCC on Monday, including Federal Minister for Finance Muhammad Aurangzeb, who is the chairman of the council, and Bilal Bin Saqib, its CEO. Zhao also separately met the Pakistani prime minister and deputy PM in Islamabad.

The PCC, established by the government last month, aims to create a legal framework for cryptocurrency trading in a bid to lure international investment. Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are also not illegal or banned. As of Jan. 16, 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.

“This is a landmark moment for Pakistan, we are sending a clear message to the world: Pakistan is open for innovation,” Aurangzeb said in a statement.

“With CZ onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth.”

As strategic adviser to the council, Zhao will provide guidance on regulation, infrastructure, education, and adoption and work closely with the government of Pakistan and the private sector to create a “compliant, inclusive, and globally competitive crypto ecosystem,” the finance ministry said.

“Pakistan is a country of 240 million people, over 60 percent of whom are under the age of 30. The potential here is limitless,” Zhao was quoted as saying in the statement. 

Zhao in 2023 stepped down as Binance CEO and pleaded guilty to breaking US anti-money laundering laws as part of a $4.3 billion settlement resolving a years-long probe into the world’s largest crypto exchange, prosecutors said. The deal with the Justice Department, part of a large settlement between Binance and other US agencies, resolved criminal charges for conducting an unlicensed money transmitter business, conspiracy and breaching sanctions regulations.

According to Forbes, Zhao, who is a Chinese-born Canadian businessman, was ranked the 24th-richest person in the world, and second-richest Canadian overall, with a net worth estimated at $66.6 billion as of January 2025.

In 2013, Zhao was a member of the team that developed Blockchain.info. He has also served as Chief Technology Officer of OKCoin. In 2022, Zhao invested $500 million through Binance to finance the acquisition of Twitter by Elon Musk.

After its launch in July 2017, the Binance cryptocurrency exchange was able to raise $15 million in an initial coin offering, and trading began on the exchange eleven days later. In less than eight months, Zhao grew Binance into the world’s largest cryptocurrency exchange by trading volume, as of April 2018.


Pakistani, Saudi foreign ministers discuss regional situation amid Yemen tensions

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Pakistani, Saudi foreign ministers discuss regional situation amid Yemen tensions

  • The development comes after ships transported weapons from UAE’s Fujairah to Yemen’s Mukalla without permission from Arab Coalition
  • The UAE has announced withdrawal of its remaining counter-terrorism units in Yemen, citing recent developments and ongoing operations

ISLAMABAD: Pakistani and Saudi foreign ministers on Tuesday spoke over the phone and discussed the regional situation, the Pakistani foreign ministry said, amid escalating tensions over Yemen.

The development came hours after Saudi Arabia-led Coalition to Support Legitimacy in Yemen said it conducted a “limited” airstrike targeting two shipments of smuggled weapons and other military hardware coming from the Emirati port of Fujairah into Mukalla in southern Yemen.

Coalition Forces spokesman Major General Turki Al-Maliki said the weapons and combat vehicles were meant to support the Southern Transitional Council forces, backed by the United Arab Emirates (UAE), in Yemen’s Hadramaut and Al-Mahra “with the aim of fueling the conflict.”

Rashad Al-Alimi, leader of Yemen’s presidential council, on Tuesday announced a 90-day state of emergency, including a 72-hour air, sea and land blockade, and canceled a defense pact with the UAE, the state news agency said, calling for pullout of Emirati troops.

“Deputy Prime Minister and Foreign Minister, Senator Mohammad Ishaq Dar, called Saudi Foreign Minister H.H. Prince Faisal bin Farhan,” the Pakistani foreign ministry said.

“Both leaders exchanged views on the current regional situation and recent developments.”

Disregarding previous agreements with the Arab Coalition, the Southern Transitional Council (STC) separatist group, launched a sweeping military campaign early in December, seizing the governorates of Hadramaut along the Saudi border and the eastern governorate of Al-Mahra in Yemen’s border with Oman.

STC forces captured the city of Seiyun, including its international airport and the presidential palace. They also took control of the strategic PetroMasila oilfields, which account for a massive portion of Yemen’s remaining oil wealth.

The advance has raised the spectre of the return of South Yemen, a separate state from 1967 to 1990, while dealing a hammer-blow to slow-moving peace negotiations with Iran-backed Houthi rebels.

Saudi Arabia on Tuesday expressed regret over what it described as pressure by the UAE on STC forces to carry out military operations in Yemen’s Hadramout and Al-Mahra governorates, warning that such actions pose a direct threat to the Kingdom’s national security and regional stability.

In a statement, the Saudi Ministry of Foreign Affairs said the reported moves were inconsistent with the principles of the Arab Coalition that supports the internationally recognized government of Yemen and undermined ongoing efforts to achieve security and stability in the country.

The UAE announced the withdrawal of its remaining counter-terrorism units in Yemen on Tuesday, citing recent developments and concerns over the safety and effectiveness of ongoing operations.

In a statement issued on Tuesday and carried on Emirates News Agency, the UAE Ministry of Defense said the decision was taken voluntarily and in coordination with relevant international partners, ensuring the safety of UAE personnel.

The UAE earlier reaffirmed its unwavering commitment to Saudi Arabia’s security and sovereignty, rejecting any actions that could threaten the Kingdom or undermine regional stability.

Separately, Pakistan Prime Minister Shehbaz Sharif, along with Dar and other officials, met with UAE President Sheikh Mohamed bin Zayed Al-Nahyan, who is on a private visit to the Pakistani city of Rahim Yar Khan following his first official visit to Islamabad earlier this month.

“He (Sharif) stressed upon the need for both sides to actively pursue enhancement in bilateral trade through a quantum jump which will bring it to the desired level,” Sharif’s office said in a statement.

“The two leaders also discussed ways to enhance cooperation in a wide range of areas including IT, energy, mining & minerals, as well as defense cooperation.”

Pakistan has close relations with both Saudi Arabia and the UAE, while Islamabad this year also signed a landmark defense pact with Riyadh, pledging that aggression against one country would be treated as an attack on both.