The American company at the centre of the controversy is World Liberty Financial, a fintech firm specialising in blockchain and cryptocurrency investments. What raises further eyebrows is that this high-stakes deal was reportedly facilitated directly by General Asim Munir.
A high-profile cryptocurrency agreement between a US-based fintech company and Pakistan’s newly formed Crypto Council is drawing intense scrutiny in both the United States and India. According to a Times of India report, the firm –World Liberty Financial (WLF) — has alleged ties to former US President Donald Trump’s family, raising geopolitical and financial concerns at a time of heightened tensions between India and Pakistan. This deal has now reportedly come under scrutiny due to its deep ties with Trump’s family and Pakistan’s Army Chief General Asim Munir.
The American company at the centre of the controversy is World Liberty Financial, a fintech firm specialising in blockchain and cryptocurrency investments. Notably, it holds strong connections with Donald Trump’s family, with Trump’s sons Eric and Donald Jr., and son-in-law Jared Kushner collectively owning 60% of its shares.
In April, World Liberty Financial signed a Letter of Intent with Pakistan’s Crypto Council. According to reports, within days of its formation, the Council appointed Binance founder Changpeng Zhao as its advisor—an apparent move to gain credibility, given Binance’s status as the world’s largest crypto exchange. During the launch, the Council ambitiously declared its vision to transform Islamabad into South Asia’s “crypto capital.”
Asim Munir’s involvement raises eyebrows
What raises further eyebrows is that this high-stakes deal was reportedly facilitated directly by General Asim Munir. A high-level delegation from the US, led by company founder Zachary Witkoff—son of Trump’s long-time business associate and current US Special Envoy to the Middle East, Steve Witkoff—flew to Islamabad for the signing. As per reports, Gen Munir personally welcomed the team and a closed-door meeting was held with Pakistan’s Prime Minister Shehbaz Sharif and Munir in attendance. It was here that the deal was allegedly finalised.
As per the joint statement issued by World Liberty Financial and the Pakistan Crypto Council, the agreement allows the American firm to introduce blockchain technology into Pakistan’s financial systems. The deal includes tokenisation of assets, the creation of multiple stablecoins, and the setup of a regulatory sandbox for decentralised finance (DeFi) projects. The goal is reportedly to promote “financial inclusion and digital transformation” in Pakistan.
‘Deal under international scrutiny’
However, recent developments, especially the terrorist attack in Pahalgam and India’s subsequent military operation Operation Sindoor, have reportedly placed this deal under international scrutiny. Responding to the growing concern, World Liberty Financial released a press note claiming the agreement is purely economic and holds “no political intent.” However, neither the Trump family nor the White House has commented on the issue so far.
It is to be noted here that this isn’t the first time the US-Pakistan relationship has shifted dramatically. During Trump’s previous term, his administration had taken a stern approach towards Islamabad — going as far as placing Pakistan on the Financial Action Task Force (FATF) grey list, which restricted foreign funding linked to terrorism and money laundering. The move crippled Pakistan’s economy, pushing the country to the brink of default and forcing it to seek aid from multiple nations.
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