Changpeng Zhao Refutes Claims of Involvement in Kyrgyzstan’s Bereket Bank Project

Highlights:

• Reports falsely linked CZ to Kyrgyzstan’s planned crypto-friendly Bereket Bank project.
• He clarified on X that he never proposed or planned to create a bank.
• CZ said he supports crypto-friendly banks but isn’t involved with any such project.

Binance Co-Founder Changpeng Zhao (CZ) has dismissed reports that he proposed setting up a Bereket Bank, a private institution focused on digital assets. He said the claims were untrue and clarified that he never planned to open or manage any bank there.

Zhao said he did not know the people mentioned in the reports and had no link to them. He explained that while he supports banks working with the crypto industry, he has not personally taken part in any such project. “I never proposed creating a bank myself,” he said, calling the claims “not quite ‘4’ FUD level” but still wrong.

Kyrgyz President’s Remarks on Bereket Bank

The controversy intensified when Kyrgyzstan’s President Sadyr Japarov recently said that Zhao had proposed the idea for Bereket Bank. He said the project would draw foreign capital and create new opportunities for blockchain growth in the country.

Japarov noted that Zhao doesn’t visit every nation and emphasized that many states had failed to invite him successfully. He expressed optimism that Zhao’s participation could bring billions of dollars in investment through Bereket Bank, creating financial opportunities for citizens.

Japarov explained that Bereket Bank would operate as a private business entity, and stressed that it would not involve state ownership or his family’s participation. He also said that he invited former parliamentary speaker Marat Sultanov and his son Nurdoolot Nurgozhoev to join the initiative.

The President clarified that he encourages his relatives to take part in private ventures that bring investors to Kyrgyzstan, but added that none of them are involved in government matters. “Do not move your capital abroad; on the contrary, bring it into the country,” Japarov urged citizens during his remarks. He added that its profits would go toward national projects and support vulnerable groups such as orphans and low-income families.

Japarov said that global finance is shifting toward digital systems, and Kyrgyzstan needs to adapt to remain competitive. Recently, the country introduced a stablecoin called KSGT, which is tied to the Kyrgyz som, as part of its plan to modernize the financial system. He also instructed the Economic Ministry to draft a law for a state digital asset reserve within two months. 

CZ Jokes About Rumors, Criticizes Rapid Spread of False Reports

After the reports went viral, CZ issued a follow-up post on X, saying, “I might have said something like ‘I wish there to be as many digital banks supporting crypto as possible,’” though that post was later deleted. He also jokingly responded to a comment from a user who wrote, “Next up: CZ spotted opening a lemonade stand in Bishkek,” to which Zhao replied, “I might have ‘proposed’ that…”

CZ made it clear that he doesn’t know the individuals involved and has no connection to Bereket Bank. He criticized how quickly misinformation spreads in the crypto space, saying that the story gained traction without any verification or official confirmation.