Check If a Foreign Crypto Exchange Can Legally Serve You in Pakistan
PVARA says a crypto exchange abroad needs a licence if it markets, takes PKR or onboards people in Pakistan. See its test and why an NOC is not a licence.
Short answer: A foreign crypto exchange needs a PVARA licence if it targets, advertises to or onboards people in Pakistan. PVARA's FAQ says this includes marketing in Pakistan, rupee payment rails and services in PKR. Ask for the exchange's licence number, then check it against PVARA's register.
Many Pakistanis use an exchange that is based in another country. It has an English app, a global name and a rupee deposit button. Because the company sits abroad, people assume Pakistani rules do not touch it. PVARA's FAQ says otherwise, and it gives a plain test.
We read PVARA's FAQ, its news page and section 50 of the Virtual Assets Act, 2026 on 12 October 2026. This guide explains what the test says and how to apply it to the app on your phone.
PVARA's test is whether the service reaches people in Pakistan
PVARA's FAQ answers a question from firms that operate from outside Pakistan. It says an activity may be regarded as carried on "in or from Pakistan" where it targets, solicits, promotes to or onboards persons in Pakistan, including through marketing, payment rails, services in PKR, or channels accessible to people in Pakistan.
That wording comes from the Services Regulations, notified on 21 August 2026. The Act itself, in section 50, bars any person from engaging "in or from Pakistan" in a virtual asset service by way of business without a Pakistani company and a licence. So a foreign address does not by itself put an exchange outside the rule.
| What the foreign exchange does | Counts as reaching Pakistan, per PVARA's FAQ? |
|---|---|
| Runs ads or marketing aimed at Pakistan | Yes, marketing is named |
| Accepts deposits in PKR or shows prices in PKR | Yes, services in PKR are named |
| Uses Pakistani payment rails or local P2P channels | Yes, payment rails are named |
| Onboards Pakistani users with CNIC checks | Yes, onboarding persons in Pakistan is named |
| Simply has a website anyone can open | PVARA says "channels accessible to persons in Pakistan" may count |
A global brand does not equal a PVARA licence
PVARA's own news page records that it granted no objection certificates to major global exchanges including Binance and HTX. The item is dated 12 December 2025. We read it on the PVARA site on 12 October 2026.
An NOC is not a licence. PVARA's FAQ says an NOC does not authorise any virtual asset service and does not stop PVARA assessing a later licence application. So even a famous name needs two things from you to check: has it moved from NOC to licence, and is the licence for the service you use?
We could not confirm the licence status of any named exchange
from the pages we read. PVARA says it keeps and publishes a public register of licensees, and that every licensee must show its licence number and licensed categories on its own website. Use both.How to check the exchange you use
You do not need technical skill. You need the company's legal name and ten minutes.
- Open the exchange's terms page and write down the legal company name and address.
- Look for a Pakistani entity, a licence number and the licence categories on the website.
- Open pvara.gov.pk and look for the register of licensees or NOC holders.
- Match the company name exactly. A similar name is not a match.
- Check that the licence category covers the service you use, such as exchange or custody.
- If you cannot find it, ask the exchange in writing and keep the reply.
Our guide to checking a crypto exchange's PVARA licence before you deposit has the full checklist and the deposit protections the regulations describe.
Your bank may care too
The State Bank has told banks to open accounts only for PVARA-licensed crypto firms, as we reported in the SBP circular on bank accounts for licensed crypto firms. That rule covers businesses opening accounts, not ordinary users. Still, it shows how the licence status can affect how money moves.
If an exchange tells you to send rupees to a personal account, that is a warning sign for fraud. A licensed firm should not need you to pay a stranger. You can report a platform that refuses to show a licence on PVARA's complaints page.
PVARA does not endorse any token
PVARA's FAQ says it does not approve, endorse or guarantee any virtual asset. An exchange may list an asset that is not restricted or prohibited and that meets its own published listing standards. The exchange remains fully responsible for its listing decision.
So even a licensed exchange listing a coin tells you nothing about the coin's safety. The licence is about the company and how it handles your money, not about price or quality.
Common questions
Can Pakistanis use foreign crypto exchanges?
The Act bars unlicensed services "in or from Pakistan". PVARA's FAQ says an exchange reaching people in Pakistan needs a licence. We found no offence for a user in the pages we read.
Does Binance have a PVARA licence?
PVARA's news page says it granted NOCs to Binance and HTX in December 2025. An NOC is not a licence. We could not confirm a licence from the pages we read.
What if the exchange has no Pakistani office?
PVARA's rule requires a Pakistani company for anyone providing services in or from Pakistan. Ask the exchange how it meets that.
Where can I see the list of licensed firms?
PVARA says it publishes a public register of licensees. Check the PVARA website, and the licence number shown on the exchange's own site.
Does a PVARA licence protect me from losses?
No. It covers how the company is run and how it handles customer assets. It does not guard against price falls.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
