Changpeng Zhao Deletes Denial After Kyrgyzstan Credits Him for Inspiring Its First Crypto Bank

CZ deleted his tweet denying involvement after Kyrgyzstan credited him for inspiring Bereket Bank. | Credit: Getty Images.

Key Takeaways

Kyrgyzstan launches Bereket Bank, its first private bank dedicated to digital assets. President Sadyr Japarov credited Binance founder CZ for inspiring the idea, but he denies involvement. CZ continues to advise Kyrgyzstan on digital asset policies and stablecoin development.

Kyrgyzstan has officially launched Bereket Bank, the country’s first private financial institution focused on digital assets.

Unveiled on Nov. 2, Bereket Bank aims to bridge traditional finance with crypto-based services, including custody, stablecoin operations, and blockchain-integrated remittances.

The launch marks a key step in Kyrgyzstan’s plan to position itself as a regional hub for regulated crypto innovation.

President Sadyr Japarov announced the initiative as part of a national push toward financial digitization — but what drew global attention was his claim that Binance founder Changpeng Zhao (CZ) had inspired the idea.

Denial

Shortly after President Japarov’s remarks, CZ publicly denied any connection to Bereket Bank’s creation.

In a statement on X, the Binance founder said he had never proposed launching a private crypto bank in Kyrgyzstan, had no involvement with Bereket Bank, and did not even recognize the institution by name.

“I never suggested starting a bank, I have no interest in running one, and I don’t know the people involved,” CZ clarified.

The denial contrasts with earlier public comments from Kyrgyz officials, who thanked CZ for “coming to him with” the project.

Several local media outlets had even reported that the idea stemmed from his advisory discussions with the government in early 2025.

CZ Deletes Tweet

Amid much backlash and some online fact-checkers linking him to the private digital asset bank, CZ had deleted the tweet at press time.

It’s worth noting that despite CZ’s denial, the crypto mogul maintains an ongoing advisory role with Kyrgyz authorities.

Binance signed a memorandum of understanding with the country’s National Investment Agency in April 2025, followed by CZ’s participation in the National Digital Asset Council meeting in October, where the government unveiled its first national stablecoin, KGST, built on the BNB Chain.

Crypto Banking Finds a Home in Bishkek

Bereket Bank, founded by Nurdoolot Nurgozhoyev and former Parliament Speaker Marat Sultanov, will operate as a private commercial institution under Kyrgyzstan’s 2022 Virtual Assets Law, which regulates digital asset service providers (VASPs).

The bank offers traditional services like loans, deposits, and remittances, alongside crypto-focused offerings such as custody solutions, blockchain payments, and stablecoin management.

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It also aims to attract foreign investment by positioning itself as a compliant gateway between fiat and digital economies.

This launch aligns perfectly with Kyrgyzstan’s broader digital strategy — one that includes piloting a central bank digital currency (CBDC) and introducing the KGST stablecoin, pegged 1:1 to the Kyrgyz som.

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