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Binance is making meaningful regulatory progress in Pakistan following high-level meetings with government officials on December 5.
We have now obtained AML registration under the Pakistan Virtual Assets Regulatory Authority (PVARA), marking a key step toward full local licensing.
This development strengthens our collaboration with Pakistani regulators to build a transparent, secure, and innovative digital-asset ecosystem.
We are pleased to share an important update in our ongoing efforts to support responsible digital-asset growth across South Asia. Following strategic engagements between Binance senior leadership and Pakistani officials, we’ve made significant progress in agreeing that clear, forward-looking regulation is key to fostering innovation, protecting users, and unlocking virtual assets’ potential. Binance Co-CEO Richard Teng’s discussions with policymakers advanced conversations on regulation, industry standards, and blockchain’s future in Pakistan.
A major outcome from these ongoing engagements is Binance’s successful acquisition of Anti-Money Laundering (AML) registration under the Pakistan Virtual Assets Regulatory Authority (PVARA). This is a significant milestone that brings us one step closer to full Virtual Asset Service Provider (VASP) licensing and local incorporation.
This phased approach allows us to begin providing AML-registered cross-border services to Pakistani users while we continue working closely with PVARA toward full authorization. It aligns with Pakistan’s regulatory roadmap and reflects our long-term commitment to supporting the country’s digital economy.
A Shared Vision for Transparent and Inclusive Growth
Throughout the visit, our leadership team and Pakistani officials exchanged views on regulatory clarity, transparency, and the development of a safe digital-asset market. We appreciate the thoughtful and constructive engagement from the government, which shows Pakistan’s dedication to building a modern, resilient regulatory environment.
Richard Teng, Co-CEO of Binance, shared his reflections on the progress made: “We are proud to continue our collaboration with PVARA to build a robust, transparent, and inclusive virtual asset ecosystem. Together, we share a commitment to unlocking the potential of blockchain technology for millions of Pakistanis and beyond.”
Bilal Bin Saqib, Chairman of PVARA, expressed strong support for the partnership: “Our ongoing partnership with Binance continues to strengthen as we work together to build a transparent and innovative future for digital assets in Pakistan.”
He added that the recent meeting highlighted the positive regulatory progress Binance is making through the AML registration and licensing process – an important step forward in advancing the shared vision.
Supporting the Region’s Digital Transformation
South Asia continues to be one of the world’s most dynamic regions for digital and financial innovation. Pakistan, with its rapidly digitizing economy and large population, is poised to benefit significantly from secure, well-regulated access to blockchain technologies.
At Binance, our mission is to help build this foundation responsibly. Strengthening compliance, enhancing transparency, and working hand-in-hand with partners like PVARA are essential to ensuring long-term success and user trust.
We remain deeply committed to supporting Pakistan’s progress in digital finance. The advances made this week reflect our strong belief that meaningful collaboration between regulators and industry can accelerate innovation while upholding the highest standards of consumer protection.
Final Thoughts
We thank PVARA and all involved stakeholders for their partnership and constructive dialogue. Together, we are laying the groundwork for a digital asset ecosystem that is safe, inclusive, and built for the future.
We look forward to continued collaboration and to supporting Pakistan as it takes the next steps in its digital transformation.
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Split screen – In response to the Fed, markets initially sighed in relief after seeing only two hawkish dissents. They then switched to worrying about the dearth of projected interest rate cuts – merely one next year. Markets need some certainty, they hate uncertainty – seen by both the Fed’s mixed messages and the lack of robust official economic data due to the government shutdown.
Why it matters
Filling the gap – With top-tier inflation and employment figures coming out only next week, today’s four speeches from Fed officials matter for the weekly close and for the narrative going forward. In addition, comments about the impact of AI on labor and the pace of price rises also matter. Investors are cautious about Silicon Valley’s hype, and want to hear words from top economists.

What’s next
Four amigos – Philadelphia Fed President Anna Paulson will be a voting member in 2026, and she has been rather cautious until now. But, is she dovish? Beth Hammack, President of the neighbouring Cleveland Fed, is a clear hawk, and also gets to vote next year. Did she prefer leaving rates unchanged?
Another hawk is Jeff Schmid, President of the Kansas City Fed, but his dissent was well-telegraphed.
Last but not least, Chicago Fed President Austan Goolsbee switched his dovish feathers for hawkish ones, voting to leave interest rates on hold on Wednesday.
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Tech Contrarians offer context about how we should be thinking about President Trump approving Nvidia's H200 GPUs to China.Broadcom is well positioned as the leading ASIC provider, with scale, networking exposure, and potential new hyperscaler customers driving long-term upside.Apple is insulated from the AI-driven memory shortage, giving it a competitive edge over Chinese smartphone peers facing margin pressure.AI sector momentum is rebounding - how should investors be positioned?Tech Contrarians offer context about how we should be thinking about President Trump approving Nvidia's H200 GPUs to China (0:30). Broadcom earnings (9:10). Apple and the memory supercycle (14:40). Amazon, Google, OpenAI, and momentum around AI names (19:00).TranscriptRena Sherbill: Sara Awad from Tech Contrarians. Always great to have you on talking tech and updating us on what you think of that part of the market, which honestly is so much a part of the market these days. Welcome back.Sara Awad: Thanks for having me again. I'm really glad to be back. There's lots to talk about. It's definitely an exciting time with the news on the H200s coming out.Rena Sherbill: Yes, it's a journey and we're not sure of the destination. So talk us through what you're thinking about these days. What are a few things that are top of mind for you and what are you most focused on?Sara Awad: There's a couple different moving factors that we're looking at the moment. I'll get started with the H200 news, because that's really the elephant in the room.And I think it's exactly what you're saying. No one really knows how to think about this, because we've had so many on and off, will Nvidia (NVDA) ship to China? Will they not ship to China throughout this year? That it's like the market doesn't know whether to trust what we're getting in terms of news from the US, because China also has a say in this now, right? They're not just going to accept any chip, any AI chip that the US is going to approve.And we saw that with Beijing warning domestic Chinese players against buying the H20 when we saw the reverse ban in July. So I think the market's really kind of confused about how to understand this news. Is it going to move towards Nvidia having China sales, or are we still far away from that because we still have a murky image from Beijing?
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From December through November 9, 2025, the combined market capitalization of the ten largest U.S. companies remained close to 42% of the S&P 500—hovering near its record high and underscoring the index’s continued concentration in mega-cap stocks.
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