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Binance founder Changpeng Zhao publicly denied reports claiming he proposed creating a private cryptocurrency bank in Kyrgyzstan. This directly contradicts statements made by the country’s President Sadyr Japarov.
President Japarov Claims CZ Proposed Digital Bank Concept
President Sadyr Japarov told the Kabar news agency that Zhao came to Kyrgyzstan in May 2025 with the idea of opening a digital bank together.
Japarov stated, “The world is now moving towards virtual assets. In May of this year, Changpeng Zhao came to us with an idea and suggested that we open a digital bank together.”
The president explained he initially proposed opening a state-owned bank, but CZ did not want to join a state-owned institution.
After the state-owned proposal was rejected, they agreed to open a private bank instead. Japarov invited former banker Marat Sultanov to help organize the work, and CZ and Sultanov asked the president’s son, Nurdoolot, to join them.
Japarov defended the arrangement by noting his family has remained uninvolved in government affairs throughout his more than five years in power. He called the bank as a private business project expected to attract large investments to Kyrgyzstan.
CZ Clarifies Position on Banking Involvement
CZ responded to the reports on the social media platform X, stating, “This isn’t correct. Not quite ‘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.”
In his social media response, CZ made clear distinctions about his actual involvement with Kyrgyzstan’s financial sector.
The Binance founder stated he might have expressed general support for digital banks that accommodate crypto businesses during discussions, but had no involvement in proposing any specific bank project.
CZ wrote “I don’t recognize the name mentioned below. It’s not something I proposed.”
The denial came in two separate posts addressing the controversy. In a follow-up message, CZ stated, “I might have said something like, we wish there to be as many digital banks supporting crypto as possible,” when clarifying the extent of his comments.
Background on CZ’s Relationship with Kyrgyzstan
CZ’s relationship with Kyrgyzstan began in May 2025 when he first visited the Central Asian nation. During this initial visit, he was appointed to the National Council for the Development of Virtual Assets and Blockchain Technologies.
His advisory role has involved supporting the country’s comprehensive development of its crypto infrastructure.
The Binance founder made a second visit to Kyrgyzstan in late October 2025, meeting with President Japarov and publicly expressing positive sentiments about the country.
CZ posted “I had a great time in Kyrgyzstan” and “I encourage more crypto companies to explore the country too.”
During the October meetings, Kyrgyzstan announced the launch of KGST, a national stablecoin pegged 1:1 to the Som on the BNB Chain.
The government also revealed plans for legal recognition of a digital som CBDC scheduled for three-phase testing and rollout by 2026.
Bereket Bank Launches Despite CZ Denial
Bereket Bank officially launched on November 2, 2025, positioned as Kyrgyzstan’s first private digital asset banking institution.
The bank offers custody services, stablecoin transactions, and blockchain-enabled remittance solutions. Founders include Nurdoolot Japarov, the president’s son, and former Parliament Speaker Marat Sultanov.
The bank’s establishment moved forward regardless of CZ’s public denial about proposing the concept.
Bereket Bank aims to focus on virtual assets and digital currencies rather than traditional banking services. President Japarov stated “It will most likely be a bank that works with virtual assets and digital currencies.”
