Pakistan is one of the world's most active retail crypto markets, and Binance is the exchange many Pakistanis use, often through its peer-to-peer (P2P) marketplace to move between rupees and USDT. So when the news broke in the early hours of Friday 30 October, Pakistan time, that Binance had lost $6.3 billion, the questions in WhatsApp groups were immediate: is my USDT safe, can I withdraw, and what happens to P2P?
This guide answers those questions as of 1 November 2026, explains where Binance stands with Pakistan's regulator, and gives a practical checklist for keeping crypto safely.
The short version
- Binance says customers will not lose money: it is covering the loss from its own funds and reports about 95% of affected assets replenished.
- Withdrawals began reopening on 1 November between 11 a.m. and 2 p.m. PKT, starting with Bitcoin and USDT on major networks including Tron and BNB Chain.
- There is no statement from PVARA on the hack at the time of writing.
- Binance in Pakistan holds a no-objection certificate (NOC) from PVARA, issued in December 2025. It is not a full operating licence.
- The biggest immediate risk for Pakistani users is scams pretending to be Binance recovery or support, not the hack itself.
Is my money on Binance safe?
Binance has said repeatedly that the stolen funds came from its hot wallets and that it will "absorb the financial impact of these stolen funds, not our users". It has set aside more than $6.34 billion and says the ten biggest assets, including USDT, BTC, ETH, BNB and SOL, are 100% backed. A new proof of reserves snapshot was taken on 31 October, with the full cryptographic proof due by 3 November.
That is Binance's statement, and nothing we have seen contradicts it, but it is not yet independently verified. We explain what the numbers mean and how to check your own balance in Binance funds after the hack.
Can I withdraw USDT from Binance in Pakistan?
Yes, on the main networks. In phase one, opened on 1 November between 11:00 a.m. and 2:00 p.m. PKT, Binance listed these among the networks and assets available:
| Network | Includes |
|---|---|
| Tron (TRC20) | TRX, USDT |
| BNB Smart Chain (BEP20) | BNB, USDT, USDC |
| Ethereum (ERC20) | ETH, USDT, USDC |
| Solana | SOL, USDT, USDC |
| Bitcoin | BTC |
| TON | USDT |
Binance warned of temporary delays and said failed withdrawals should be retried after a short wait. Deposits were not affected. Less common tokens and networks are reopening in later phases.
What about Binance P2P in Pakistan?
The hack hit Binance's hot wallets, not its P2P marketplace, but P2P depends on people being able to move coins on and off the exchange, so expect thinner liquidity and wider spreads on USDT/PKR for a few days.
Two P2P rules matter more than usual this week:
- Only release coins after the rupees are in your bank account, confirmed in your banking app, not a screenshot. Fake payment screenshots spike whenever people are anxious.
- Never move a trade off-platform. Anyone offering a "better rate on WhatsApp because Binance is down" is a scammer.
Is Binance legal in Pakistan?
Pakistan set up the Pakistan Virtual Assets Regulatory Authority (PVARA) in 2025 to license and supervise crypto businesses. In December 2025 PVARA issued no-objection certificates to Binance and HTX after reviewing their governance, compliance and risk controls.
The NOC lets Binance register on the Financial Monitoring Unit's goAML anti-money-laundering system, work with the SECP to set up a local subsidiary, and prepare a full licence application once licensing regulations are issued. PVARA itself said the NOC is not a full operating licence. On the same day, the Finance Ministry signed a memorandum of understanding with Binance to explore tokenising up to $2 billion of government assets such as bonds and treasury bills.
In other words, Binance is in a recognised pre-licensing stage in Pakistan. A record hack during that stage is exactly the kind of event that shapes the final rules, and we would expect hot wallet security, loss reserves and incident reporting to feature in them. If your business is planning to work with crypto or virtual assets in Pakistan, the compliance groundwork is worth doing early; that is part of our startup and compliance consulting.
Scams to watch for after the Binance hack
Every big crypto incident produces a wave of fraud. In Pakistan, expect:
- Fake "Binance compensation" links on WhatsApp, Facebook and Telegram asking you to log in or "verify your wallet". Binance is compensating automatically; there is nothing to claim.
- Fake support agents who ask for your password, 2FA code or seed phrase. Real Binance staff will never ask for these.
- "Recovery agents" who promise to recover lost crypto for an upfront fee.
- Investment schemes that use the price drop as a hook: "buy the dip with guaranteed 30% monthly returns". In December 2025 the NCCIA broke up a $60 million crypto-forex scam network that worked exactly this way.
If you are defrauded, report it to the NCCIA (the National Cyber Crime Investigation Agency) and to Binance support through the app.
How to keep crypto safely: a checklist for Pakistani users
- Use an authenticator app, not SMS, for 2FA. SIM swaps are common.
- Turn on the withdrawal address allowlist so coins can only go to addresses you have approved.
- Set an anti-phishing code in Binance so you can recognise genuine emails.
- Do not keep savings on any exchange. Keep only what you trade there. Move long-term holdings to a hardware wallet (Ledger, Trezor and similar) bought from an authorised seller, not a used one from a marketplace.
- Write your seed phrase on paper, store it somewhere safe, and never photograph it or type it into a phone.
- Spread risk. If you must keep larger amounts on exchanges, do not keep everything on one.
- Keep records of deposits, withdrawals and P2P trades. Pakistan's tax and AML rules for virtual assets are being written now, and records protect you.
Businesses that take crypto payments or pay freelancers in USDT should go further and write a treasury policy with exposure limits. Our Pakistan IT export and remittance guide covers the regulated routes for foreign earnings.
Frequently asked questions
Did Pakistani Binance users lose money in the hack?
Binance says no user will bear the loss. It reports covering 95% of affected assets from its own funds, with USDT and other major coins fully backed.
Is Binance banned in Pakistan?
No. PVARA issued Binance a no-objection certificate in December 2025, which allows preparatory activities ahead of a full licence. It is not yet a full operating licence.
Can I withdraw USDT TRC20 from Binance now?
Yes. USDT on Tron was included in phase one of withdrawals reopening on 1 November 2026. Expect some delays.
Has PVARA said anything about the Binance hack?
We found no PVARA statement at the time of writing (1 November 2026). Check PVARA's official channels for updates.
Is Binance P2P safe after the hack?
P2P was not the target of the hack, but liquidity may be thinner for a few days. Only release coins once payment is confirmed in your bank app, and never trade off-platform.
Sources
Arab News Pakistan for the PVARA NOC and the tokenisation MoU (12 December 2025); Finance Magnates for the NOC scope and the NCCIA case; TechJuice for phase-one withdrawals in PKT; crypto.news for replenishment figures. As of 1 November 2026.
