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Recent events at Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume, have opened the debate on the potential economic fallout for Pakistan. Following the departure of Changpeng Zhao, the exchange’s former CEO, after a major deal with US authorities, Pakistani cryptocurrency advocate Waqar Zaka has urged his government to engage with Binance.
Zaka suggests that Pakistan could negotiate a billion-dollar investment from Binance to strengthen its economic position and increase its foreign currency reserves. This recommendation comes as Binance continues to dominate the cryptocurrency market, with daily transactions worth an impressive $76 billion. The lawyer emphasized the mutual benefits of such an investment, highlighting the opportunity for Binance to tap into Pakistan’s large regional user base.
Zaka’s call to action aims to capitalize on Binance’s current situation and use it as a leverage point for Pakistan’s economic advancement in the cryptocurrency space, which has seen significant financial activity considerable since 2018. With such a significant presence of Binance in the global cryptocurrency market, Zaka believes that it is an opportune time for his country to benefit from a partnership with the exchange giant.
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