Changpeng Zhao (CZ) Denies Rumors Behind Plans to Set Up a Crypto Bank in Kyrgyzstan
Recently, information spread on X that the President of Kyrgyzstan – Sadyr Japarov – revealed that Changpeng “CZ” Zhao, co-founder of the Binance cryptocurrency exchange, proposed the idea of cooperating to open a private bank that can trade cryptocurrencies. According to Mr. Japarov, he initially wanted to establish a state bank, but because CZ “disagreed,” the two sides agreed to open a private bank, Bereket Bank.
However, just one day later, CZ completely denied this information. On social network X (formerly Twitter), he wrote:
CZ said that while he may have been “speaking generally” about wanting more digital banks to support cryptocurrencies, that doesn’t mean he’s launching a new banking project.
CZ continues Vai role as blockchain advisor to Kyrgyzstan
While denying Vai in founding Bereket Bank, CZ is an official advisor to the Kyrgyz government on blockchain technology and cryptocurrency regulation. In April 2025, he signed a Mnemonics of understanding (MoU) with the Kyrgyzstan Foreign Investment Agency, focusing on developing digital infrastructure, issuing a legal framework for cryptocurrencies, and digital transformation in the financial sector.
In this Vai , CZ has been instrumental in driving a number of initiatives in Kyrgyzstan. Last October, the country launched a new stablecoin Peg 1:1 to the Kyrgyzstani som. CZ said the stablecoin will operate on the BNB Chain, and the BNB Token will be included in the national cryptocurrency reserve if the project is widely deployed.
In parallel, Kyrgyzstan is also partnering with Binance Academy, Binance’s blockchain education platform, to launch training programs at 10 leading universities. The Binance app is also being fully localized, making digital financial products easily accessible to the public.
The Story Behind: Kyrgyzstan Wants to Become Central Asia's Cryptocurrency Hub
Kyrgyzstan is pushing digital transformation to attract technology investment and tap the potential of the blockchain sector, according to regional financial experts. The country, which has abundant hydropower resources, is becoming an attractive destination for crypto mining businesses.
