As per the latest development coming from Pakistan, illegal Bitcoin and ETH mining farms in the Shangla district of Khyber Pakhtunkhwa were seized by the<a href="https://eng.ambcrypto.com/illegal-bitcoin-eth-mining-farms-in-pakistan-shut-down-by-fia/"> Federal Investigative Agency (FIA)</a>. Khyber Pakhtunkhwa is one of the administrative provinces of Pakistan where illegal mining of cryptocurrencies was being done. The FIA team has arrested two suspects in the case after the investigation agency found the suspects held and traded cryptocurrency.
<h2>Two Suspects Taken In Custody</h2>
Holding and trading cryptocurrency is banned in Pakistan due to the anti-terrorism law of the country, still, the two suspects illegally installed the<a href="https://www.cryptoknowmics.com/crypto/concerns-over-mining-death-spiral-hinders-path-to-100k-bitcoin/"> mining</a> farms there. According to the reports, although, the Pakistani Government does not support trading and mining of cryptocurrency it did support the<a href="https://www.cryptoknowmics.com/crypto/huobi-groups-new-digital-asset-platform-huobi-brokerage-launched/"> digital</a> payments from centralized channels.

The FIA has stated that the mining farm has not only traded Bitcoin and Ethereum but many other digital currencies overseas. According to the FIA team, the suspects had installed about 65 pieces of equipment and a total of 780 channels that had been operating from the farm. The team also mentioned that the firm operating the mining farm had 65 servers and each server has 12 channels of its own.

While addressing the issue the DPO of Shangla said that the firm used to sell cryptocurrency on websites and also take a commission on it. DPO further mentioned that the Pakistani firm involved in this illegal business has earned in dollars. 

Recently, the assistant director of the FIA, Muhammad Rizwan has said that the two suspects who had been taken in custody at present, were arrested earlier also in December 2018, with eight “bitcoin machines” from Lahore, but in February 2019, they were released on bail. 

Pakistan is among very few countries where there is a blanket ban on cryptocurrencies and anyone found to be associated with digital currencies are persecuted under the existing money laundering and anti-terror funding laws.

FIA Shuts Two Illegal Cryptocurrency Mining Farms In Pakistan

Two suspects from Pakistan taken arrested for illegally mining Bitcoin and Cryptocurrency, by Federal Investigative Agency.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

FIA Shuts Two Illegal Cryptocurrency Mining Farms In Pakistan

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