What To Know:
- CZ said he only supports cooperation between banks and crypto firms but has no plans to operate a bank himself.
- CZ said he never proposed creating a crypto bank in Kyrgyzstan and called the reports about his role in Bereket Bank incorrect.
- President Sadyr Japarov claimed the bank was CZ’s idea and said it aims to attract foreign investment.
Binance founder Changpeng Zhao (CZ) has rejected claims that he proposed establishing a cryptocurrency focused bank in Kyrgyzstan. His statement came in as a clarification after recent comments from Kyrgyz President Sadyr Japarov. Japarov credited Zhao with suggesting the creation of a new private bank, Bereket Bank, during a visit earlier this year.
CZ Says Did Not Propose Crypto Bank in Kyrgyzstan
In a post on X (formerly Twitter), Zhao said the reports circulating about his involvement in founding a private digital bank were inaccurate. “The report about the establishment of ‘Bereket Bank’ in Kyrgyzstan suggested by me is incorrect,” Zhao wrote. He explained that while he supports partnerships between banks and crypto firms, he has no plans to operate or create a bank himself. He also clarified that he does not know the individuals named in the reports linking him to the project.
Zhao added that he might have shared a general opinion about wanting to see more banks integrate digital assets, which could have been misinterpreted as a proposal. His clarification followed the Kyrgyz president’s recent interview with the state-run Kabar news agency, in which Japarov described Bereket Bank as a project inspired by Zhao.
In the interview, President Japarov spoke extensively about the new bank and addressed growing speculation about his family’s involvement. He stated that Bereket Bank is entirely private, with no government ownership or political links. He emphasized that his administration has maintained a clear boundary between state duties and family business interests.
“It has been over five years since I came to power,” Japarov said. “During this period, my children and siblings have not been involved in government affairs. They are engaged in their own business activities and in attracting investors to the country.”
The president’s clarification came after controversies were raised about his son, Nurdoolot Nurgozhoyev, reportedly being one of the founders of Bereket Bank. Japarov said his son joined the project after receiving an invitation from former banker Marat Sultanov and other partners. According to Japarov, the decision to allow his son’s participation was made because the venture was private and unrelated to state operations.
Japarov also recounted his discussion with Zhao during the Binance founder’s visit to Bishkek in May. He said Zhao had shared the idea of building a digital bank, and in response, he proposed a state-owned model. However, he claimed Zhao preferred a private structure, which eventually led to the creation of Bereket Bank.
Zhao’s public denial directly contradicts this version. He maintains that he neither proposed nor agreed to establish any such bank. His clarification seems to be an attempt to distance himself from any political narratives or local interpretations of Binance’s role in the region.
Despite the conflicting accounts, President Japarov has continued to portray Bereket Bank as an important development for Kyrgyzstan’s financial sector. He said the institution would work as a conventional bank and simultaneously support activities related to digital assets. The president also noted that the bank could attract significant foreign investment and modernize financial services in the country.
“Changpeng Zhao visited Kyrgyzstan because he recognizes progress here and a strong commitment to fighting corruption,” Japarov said. “The launch of Bereket Bank will help attract capital and create opportunities for the people.”
He added that his son’s participation in the venture was meant to gain business experience, not political influence.
Currently, Zhao stands firm that Binance’s role in Kyrgyzstan remains limited to general industry advocacy, not direct institutional participation.
Kyrgyzstan is already a step ahead in its crypto strategy. The country recently integrated Binance Coin (BNB) in its National Cryptocurrency Reserves.
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