The Binance founder clarifies he never proposed creating a crypto bank, despite Kyrgyzstan’s president citing his involvement in Bereket Bank.
Former Binance CEO Changpeng “CZ” Zhao has publicly denied claims that he initiated a proposal to create a crypto-friendly private bank in Kyrgyzstan. The statement came after Kyrgyz President Sadyr Japarov alleged that CZ suggested establishing a private financial institution during his visit in May.
President Japarov, in an interview with local outlet Kabar, claimed that Zhao proposed setting up a private bank integrating cryptocurrency operations, which led to the creation of Bereket Bank. According to Japarov, he initially preferred forming a state-owned crypto bank, but CZ declined, resulting in an agreement to move forward privately.
However, CZ quickly dispelled the claims on social media platform X, clarifying that he neither proposed nor plans to run any bank.
“This isn’t correct. Not quite 4 FUD level, but still wrong. I never proposed creating a bank myself. While I support banks working with crypto generally, I have no interest in running one,” CZ wrote. He further noted, “I might have said something like I wish there to be as many digital banks supporting crypto as possible.”
🇰🇬 BREAKING: CZ proposed creating a private crypto bank in Kyrgyzstan.
“Bereket Bank” will focus on digital assets and foreign investment with no state or family ownership. pic.twitter.com/i84YrdhRxs
The clarification arrives amid speculation around Bereket Bank’s links to Binance, a connection CZ explicitly denies.
Despite distancing himself from the bank project, CZ confirmed that he advises Kyrgyzstan on blockchain regulation and cryptocurrency policy, under a memorandum of understanding signed earlier this year with the country’s foreign investment agency.
Since his appointment, several crypto initiatives have emerged in Kyrgyzstan, including the launch of a stablecoin pegged to the Kyrgyzstani som and integration of Binance Academy programs across ten universities.
CZ’s response underscores his ongoing advisory role rather than direct business involvement. While he supports expanding digital banking for crypto, he emphasized that running a bank isn’t part of his agenda. As Kyrgyzstan continues its push toward becoming a regulated crypto hub, the focus now shifts to how it will balance innovation with financial oversight.
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This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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