Report exposes Pakistan's dubious crypto deal with Trump's family venture, terror-funding links

New Delhi, Aug 21 (IANS) The United States has been steadily warming up to Pakistan over the last few months, and this engagement goes far beyond routine diplomacy.

At the centre of the shift lies a crypto deal -- an arrangement that appears less like economic cooperation and more like a financial pact between the Trump family's crypto venture and Pakistan's military-linked funds, with a chain of controversial actors involved, according to a thread report posted by DisInfo Lab.

One of the key figures is Bilal bin Saqib, a British-Pakistani entrepreneur who now serves as CEO of Pakistan's newly formed Crypto Council (PCC) as well as Special Assistant to the Prime Minister on Blockchain.

The connection worth noting is that Bilal is also an advisor to World Liberty Financial (WLF), the Trump family's crypto enterprise.

WLF is no ordinary crypto company. Eric Trump, Donald Trump Jr., and Jared Kushner together hold a 40 per cent stake, while Donald Trump himself is listed as "co-founder emeritus".

The Pakistan-WLF deal was signed on April 26 amid heightened tensions between India and Pakistan. Just days earlier, on April 15, WLF had appointed Bilal as an advisor, and by May, he was also installed as CEO of the PCC.

This dual role places him at the heart of the arrangement, representing Islamabad's crypto vision while simultaneously serving the Trump family's interests in Washington, the report suggests.

By June, Bilal had already met with a wide range of American political leaders and influencers, including Senator Cynthia Lummis, co-sponsor of the Bitcoin Act, Senator Bill Hagerty of the Banking Committee, White House advisers, and New York City Mayor Eric Adams. During these meetings, he pitched Pakistan's "crypto vision", all the while maintaining his advisory position with WLF.

The DisInfo Lab report also alleged that the crypto deal between Pakistan and WLF "opened avenues for money laundering and is even giving impetus to terror-funding", with Binance providing the perfect incubator. Binance, a major global crypto trading platform, has long been surrounded by allegations of facilitating illicit financing.

Despite claiming to have cut ties with China, evidence continues to show Binance's connections there. Its founder, Changpeng Zhao, widely known as CZ, has deep business links through his partner Yi He, who is Vice President of Yixia Technology, a company partly owned by the Chinese Communist Party.

Binance has made several investments in China, even while insisting on its independence.

CZ himself has a history of legal trouble. He was sentenced to four months in prison for enabling money laundering that supported terrorist organisations.

The US Department of Justice, Treasury, and Commodity Futures Trading Commission collectively imposed a record $4.3 billion fine on Binance in November 2023 after exposing how it funnelled funds to Hamas, al-Qaeda, and ISIS, processed $1.1 million worth of transactions with Iran in violation of US sanctions, and failed to follow basic anti-money laundering protocols. Both CZ and Binance pleaded guilty, the report suggests.

This was far from an isolated incident. Binance has faced allegations and investigations in multiple countries.

In France, the government accused it of money laundering and terror financing. In India, the Financial Intelligence Unit fined Binance Rs 188 million for money laundering violations. In Canada, the Financial Transactions and Reports Analysis Centre imposed a fine of around $6 million (Canadian dollars) on the platform.

Despite this record, CZ emerged from his short prison term to become "Strategic Advisor" to Pakistan's Crypto Council. This move placed him directly alongside Bilal bin Saqib as the second pivotal figure in the Pakistan-WLF crypto nexus. Zhao's extensive history of money laundering and terror-financing allegations makes his new position all the more controversial.

DisInfo Lab also points to Bilal's own network of questionable enterprises. Many of his companies are registered at the same address, have no active websites, and show no signs of financial transparency -- hallmarks of shell entities.

His sister, Minahil, owns 75 per cent of Tayaba UK, a company that partners with Al Mustafa Trust (AMT).

AMT, while appearing as a charity, is widely believed to be a military slush fund controlled by retired personnel from Pakistan's Army, Navy, and Air Force.

It is one of many Milbus ventures -- military capital that directly benefits Pakistan's officer class while staying off the official defence budget, the report stated.

Since the crypto pact was formalised in May 2025, Washington and Islamabad have seen a visible upswing in ties. Pakistan's Army Chief Asim Munir visited the US twice within two months, a string of new bilateral agreements was signed, and in a symbolic move, Pakistan even nominated Donald Trump for the Nobel Peace Prize.

The convergence raises serious questions. Trump's crypto venture, Pakistan's shadowy military funds, and Binance's tainted legacy of terror financing have converged under the banner of "crypto diplomacy".

A convicted crypto mogul with ties to China, a political family enterprise, and Pakistan's military elite now form the core of this alliance.

--IANS

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