Ex-Binance CEO CZ Tapped as Adviser to Pakistan’s Crypto Council

Pakistan has appointed former Binance CEO Changpeng “CZ” Zhao as an adviser to its newly established Crypto Council, a move seen as part of the country’s push to establish itself as a serious player in digital finance.

The appointment, confirmed by Pakistan’s Ministry of Finance and reported by Bloomberg on April 7, will see Zhao advise on regulatory strategy, infrastructure, and adoption as Pakistan works to draft and implement a national crypto framework.

Images shared by local media show Zhao signing documents during an official visit with the finance ministry. The former Binance chief stepped down from his role in late 2023 after pleading guilty to U.S. anti-money laundering violations and was sentenced to four months in prison. Despite that, his influence in the crypto industry remains strong.

The chairman of Pakistan’s Crypto Council, Bilal bin Saqib, described Zhao’s appointment as a signal that the country is ready to compete for international investment and become a Web3 innovation hub. “Pakistan is done sitting on the sidelines,” Saqib said in a March interview. “We want to attract international investment because Pakistan is a low-cost high-growth market with […] a Web3 native workforce ready to build.”

The country has shown strong organic demand for crypto, especially among retail users. Chainalysis ranked Pakistan ninth in its 2024 crypto adoption index across Central and Southern Asia, driven by high volumes at centralized exchanges. Stablecoins have also become a popular tool among locals looking to hedge against currency devaluation.

Although crypto usage in Pakistan has been widespread through informal and unregulated channels, this latest move suggests that Islamabad is moving toward a more formalized and strategic embrace of the sector.

Earlier in March, CZ Zhao disclosed his cryptocurrency holdings on Binance Square, revealing that BNB makes up nearly 98.5% of his portfolio.

The former exchange chief holds 1.32% of his portfolio in Bitcoin (BTC), followed by small allocations in stablecoins EURI (0.17%) and USDT (0.03%). Zhao also noted an unknown holding of sBTC, a wrapped Bitcoin asset on the Stacks network, but admitted he had no idea where it came from or how to get rid of it.