Former Binance CEO CZ(CZ) responded to news related to Kyrgyzstan today (3rd). He emphasized on the X platform that he "never proposed establishing his own bank" and stated that he has "no interest" in operating such a financial institution. This swift statement clarified speculation that he would establish "Bereket Bank" in Kyrgyzstan, but he also expressed support for banks using cryptocurrency.
This is incorrect, not exactly a "4" FUD level, but still wrong. I have never proposed creating my own bank. While I support the widespread use of cryptocurrency in banking, I have no interest in running one. I am not familiar with the name mentioned below (Bereket Bank), and it is not something I proposed.
Source of the rumor: National cooperation misinterpreted as a commercial strategy
The market has associated CZ with private banks because of continuous reports from media outlets such as Coin Bureau, which claimed that he proposed the creation of "Bereket Bank" in Central Asia. However, according to reports, CZ's interactions with the Kyrgyz government have mainly focused on stablecoins and central bank digital currencies (CBDC) projects.
In other words, the level of cooperation is national-level digital currency cooperation, not a private banking project.
CZ is currently facing numerous troubles.
Despite receiving a pardon from US President Trump, which provided CZ with limited breathing room, his lawyers and Senator Elizabeth Warren's team are engaged in a war of words. According to documents released by Punchbowl News , Warren's camp insists that the "criminal money laundering" claim has a factual basis. At this sensitive time, any rumors related to banks could once again touch a nerve.
Collaboration between innovators and sovereign states requires precise communication to avoid national projects being misunderstood as personal commercial ventures. For both exchanges and blockchain startups, compliant investment is no longer an option, but a survival cost.
The rumors surrounding a private crypto bank in Kyrgyzstan were ultimately denied, but the repercussions continue. CZ's swift statement has shifted the focus back to the crypto industry's real long-term challenge: finding a balance between technological advancement, strict regulation, and public trust.
