Pakistan hires Binance ex-CEO as crypto adviser, India left watching

Anushka Basu

Mon, Apr 7, 2025, 1:42 PM 2 min read

Changpeng Zhao, former CEO of Binance, commonly known as CZ, has been appointed as a strategic advisor to Pakistan's Crypto Council (PCC)— a decision that has sent ripples of opposition in India across the border.

Several Indian crypto advocates on social media platform X want their government to copy the move.

"What India could have done, Pakistan outsmarted us!" wrote Opinderpreet. Influencer and data scientist Budhil Vyas wondered if Pakistan's move would encourage Modi, India's Prime Minister, to take steps to adopt crypto.

Meanwhile, an Asian Key Opinion Leader, Sumit, expressed frustration, saying, "Now it looks like India will be the last country to take any positive steps." The sentiment seems clear--India's crypto community does not want to miss out on the Web3 revolution.

This appointment, which Pakistan's Ministry of Finance confirmed, was first reported by Bloomberg on Apr 7. CZ will collaborate more closely with the Finance Division, the State Bank of Pakistan, and the Securities and Exchange Commission of Pakistan to guide regulation, infrastructure, education, and adoption plans.

Finance Minister and PCC Chairman Senator Muhammad Aurangzeb called his appointment a "landmark" moment for Pakistan. He said, "We are sending a clear message to the world: Pakistan is open for innovation."

According to Chainalysis, Pakistan is already in the top 10 countries and ranks third globally in crypto adoption. The country has 20 million active users and transfers $35 billion in remittances per year with crypto, especially stablecoins, being used to smooth currency devaluation and improve remittance efficiency.

During his visit, CZ met with Prime Minister Shehbaz Sharif and Deputy PM Ishaq Dar, reiterating his commitment to partner with Pakistan in its digital transformation journey. "Pakistan is a country of 240 million people, over 60% of whom are under 30. The potential here is limitless," CZ said.

The ex-CEO also posted on X, saying, "HK yesterday, back-to-back meetings with founders, fireside chats, and OG drinks. Then, with a buzz, wrote Sunday build idea. Red-eye flight to Pakistan. Met many ministers and the PM, great in-depth discussions on many topics".