Binance’s CZ Denies Proposing Crypto Bank in Kyrgyzstan
Binance co-founder Changpeng Zhao (CZ) dismissed reports that he suggested creating a private crypto bank in Kyrgyzstan. He called the rumors false and “not quite ‘4’ FUD level.”
The story spread after media in Kyrgyzstan claimed President Sadyr Japarov supported a crypto-friendly Bereket Bank founded on CZ’s idea. The bank reportedly aimed to attract foreign investment. CZ refuted this, saying he never proposed starting a bank.
He wrote on X: “This isn’t correct. Not quite ‘4’ 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. I don’t recognize the name mentioned below. It’s not something I proposed.”
Origin of the Rumor
The rumor began with Kyrgyz and regional media reports linking the bank project to CZ’s suggestion. The claim gained traction on social media crypto circles without official confirmation. CZ has no connection to Bereket Bank or those linked to it.
He also noted he might have expressed a general wish for more digital banks to support crypto, but did not propose this specific bank. When a social media user joked about CZ opening a lemonade stand in Bishkek, CZ replied, “I might have ‘proposed’ that…”
Kyrgyzstan’s Crypto Initiatives and CZ’s Position
Kyrgyzstan has aimed to modernize its financial system and attract blockchain investment. Authorities are exploring a digital asset framework, including regulated crypto mining and fintech partnerships. Bereket Bank would have aligned with this but lacks any verified link to CZ.
CZ reiterated that while he supports banks working with crypto, he does not want to run one himself.
This episode highlights how crypto rumors can escalate from unverified reports. CZ described the story as wrong but not malicious.
