Some time ago Urdubit platform was the leading site in crypto industry of Pakistan. Its activity was rather successful. There are a lot of Urdubit reviews online saying about its quality work. The crowds of virtual currency users hurried to sign up on Urdubit. The customers could start working after Urdubit verification. It was a guarantee of security. One could use Urdubit app. However, Urdubit ban that was issued affected the situation greatly. BTC exchange has closed and management of Urdubit informed its clients about the news. They applied to the customers with request of withdrawal. All users could collect their funds from Urdubit wallet. Previously, they were able to store alternative currencies and fiat money in the wallet of the service.
In-depth view into history of Urdubit
Urdubit started its work in 2014 and has immediately became popular partially to the crypto boom that occurred in the latest years. The platform was headquartered in Karachi and became the first BTC exchange in the country.
Prohibition of cryptocurrency transactions was issued by the State Bank of Pakistan. Since then all services of this type in the country were forced to stop processing crypto-operations. This was a huge blow for crypto industry in the country. As you, probably, know the similar situation occurred in neighboring state. Work of Indian exchanges was terminated due to the ban of the central bank.
The ban was introduced without official mandate of the government. There is no also the legislative base forbidding cryptocurrency activity. Nevertheless, Financial Monitoring Unit received the task to monitor the situation in the sphere.
Are there any prospects?
It is not quite clear to the end if the customers managed to get their funds back. The matter is after negative Urdubit news was announced, the customers were limited with time. People could withdraw Bitcoins until midnight of the day when Urdubit had to close. The volume of operations was certainly huge on that day. There is no any information of the future prospects. Pakistani users want the exchange to re-open. However, the situation is not promising at the moment. It remains to be seen if something is going to change in the future. Banking institutions perceive crypto as a competitor that threatens traditional financial system, therefore unfriendly steps similar to Urdubit closure will take place again and again.
Several alternatives where to apply after Urdubit closed
Previously, local kiosks existed where the consumers could acquire virtual cash without problems. It was allowed legally then but everything is different now, so citizens of Pakistan have to find other alternatives. Apply to LocalBitcoins, which is one of the most popular online websites to be used for such transactions. However, it is not a problem to find a less known platforms delivering high class service.
You will love Bitsane if you trade crypto via mobile device. The site a fully compatible mobile version. If exceptional user experience is a priority, then LakeBTC is a great solution. Fairness, security and superb service is also found at other places – the features offered by Vietnamese exchange VBTC or ANXPRO, the crypto-platform from Hong Kong. Coinmarketsis a well optimized service when you do not need extra service is needed. Everything is simple on it, so it is clear even for the first-time trader.
Is there any alternative to Urdubit? ⚰⚰⚰ -
average rating 5 from 5
(based on 73 user reviews)