Pakistan Names Binance Founder Zhao as Crypto Council Adviser; Binance in Talks With Trump Family

Pakistan has appointed Changpeng Zhao, founder and former CEO of Binance, as strategic advisor to the Pakistan Crypto Council (PCC). Zhao, who stepped down from Binance in 2023 after the company was fined $4.3 billion for violating U.S. anti-money laundering and sanctions laws, will advise the council on regulation, infrastructure, education, and adoption of cryptocurrencies.

The appointment is part of Pakistan's efforts to develop a compliant crypto ecosystem and attract global investment. The government aims to create a legal framework for cryptocurrency trading to support its economy, which narrowly avoided financial default in 2023.

Experts note that anti-money laundering watchdogs are likely to scrutinize Zhao's appointment given his regulatory history. In addition, Binance is reportedly in talks with the Trump family on a new crypto venture.

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