CZ Rejects Bank Allegations, Addresses Crypto Misinformation

Binance co-founder Changpeng "CZ" Zhao has rejected claims that he suggested launching a private crypto bank in Kyrgyzstan, calling the reports inaccurate and stressing that he has no desire to run such a business. The issue arose after Kyrgyzstan’s President Sadyr Japarov told state media that Zhao had visited in May and proposed collaborating on a crypto-focused bank, which was later named Bereket Bank. Japarov mentioned that although he initially supported a state-run bank, Zhao’s preference for a private institution led to its creation,

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CZ addressed these claims on X, writing, "This is not accurate. Not quite '4' FUD level, but still incorrect. I never personally suggested setting up a bank. Although I generally back banks that work with crypto, I’m not interested in managing one." He also said he was unfamiliar with the name "Bereket Bank" and explained that any comments he made were broad, such as supporting "as many digital banks supporting crypto as possible",

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The denial came after widespread reports, including a post from Coin Bureau, that wrongly credited CZ with the Bereket Bank idea. The confusion highlights how misinformation can quickly spread in the crypto world, especially when it involves prominent figures. CZ’s reply, which mixed humor and straightforwardness, struck a chord with the crypto community and inspired memes and playful comments. One person joked, "Next up: CZ spotted opening a lemonade stand in Bishkek," to which CZ replied, "I might have proposed that,"

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Although CZ denied any role in the bank, he has remained involved in Kyrgyzstan’s broader crypto efforts. In April, he signed an agreement with the country’s Foreign Investment Agency to provide guidance on blockchain, regulation, and technology. He also took part in the National Council for the Development of

Assets and Blockchain Technologies, where Kyrgyzstan revealed a stablecoin tied 1:1 to the som and discussed including in a possible crypto reserve, .

Kyrgyzstan’s ambition to become a crypto center is part of a broader regional plan. The country has set up legal guidelines for digital assets, including licenses for crypto businesses and a national crypto reserve. It has also introduced the USDKG, a stablecoin backed by gold, and is testing a digital som central bank digital currency (CBDC). These initiatives put Kyrgyzstan at the forefront of crypto adoption in Central Asia, in contrast to the more reserved approaches of neighbors like Kazakhstan and Uzbekistan,

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CZ’s response highlights the distinction between supporting crypto-friendly regulations and being directly involved in running crypto infrastructure. While he advocates for frameworks that encourage crypto innovation, he consistently distances himself from taking on operational roles. This reflects his overall philosophy in the industry, which favors decentralization and technological progress over centralized management.

As Kyrgyzstan advances its digital asset landscape, the Bereket Bank episode illustrates how quickly both information and rumors can circulate in the crypto industry. For now, CZ remains focused on advisory work and promoting crypto adoption, leaving the future of Bereket Bank to develop without his direct participation.