Binance Co-founder CZ Denies Proposing Private Crypto Bank in Kyrgyzstan

Binance co-founder Changpeng Zhao (CZ) has firmly denied reports that he proposed or planned to establish a private crypto bank called Bereket Bank in Kyrgyzstan, clarifying that the rumors are inaccurate and a misinterpretation of his advisory comments. While Kyrgyzstan's President Sadyr Japarov suggested that CZ was involved in proposing the bank to attract foreign investment and operate independently of government control, CZ stated he never intended to run a bank and has no connection to the individuals associated with the project. CZ emphasized his support for banks working with crypto but made clear he has no interest in ownership or management of such institutions. The confusion appears to have stemmed from advisory interactions and general statements supporting digital banking, as well as misinformation spreading on social media and crypto news platforms. CZ's involvement with Kyrgyzstan is limited to advisory roles on blockchain and crypto regulations, including cooperation on a national stablecoin pegged to the Kyrgyzstani som, but not ownership or operational control of any crypto bank. Observers are advised to rely on official policy documents and regulator statements rather than viral social media claims when assessing developments in Kyrgyzstan's crypto banking sector.