CZ Deletes Post Denying Role in Kyrgyzstan’s New Crypto Bank

Binance founder Changpeng Zhao has deleted an X post in which he denied involvement in Kyrgyzstan’s newly approved Bereket Bank, a digital asset-focused commercial institution designed to attract foreign investment.

The deletion follows Kyrgyzstan’s President Sadyr Japarov’s public statement in a local media interview that Zhao proposed creating a private crypto bank during a meeting in May 2024.

The National Bank of Kyrgyzstan approved Bereket Bank to advance the country’s crypto strategy, with reports indicating that President Japarov’s son, Nurdoolot, serves as a founder alongside former Parliament Speaker Marat Sultanov.

Japarov stressed the bank operates as a private business with no state ownership or family control, despite the family connection.

Conflicting Statements Spark Confusion

Zhao initially responded to media reports claiming he proposed the bank’s creation by stating the claim was false.

He said he never suggested starting a bank, has no interest in running one, and didn’t recognize the name mentioned.

However, the post refuting these claims was subsequently removed from his X account without explanation, raising questions about the accuracy of his denial.

The contradiction emerged after a Coin Bureau report linked Zhao to the bank’s establishment, prompting the publication to issue a correction.

President Japarov’s interview with Kabar news agency provided a detailed background, stating that Zhao approached him in May with the idea of opening a digital bank together.

According to Japarov, Zhao declined involvement in a state-owned bank but agreed to proceed with a private institution focused on virtual assets.

Japarov defended his son’s participation by explaining that both Nurdoolot and his brother, Rustam, hold degrees in economics and finance, and focus on attracting foreign investors rather than pursuing political roles.

“Isn’t it better for them to be busy with their personal affairs rather than getting involved in government affairs?” Japarov said in the interview.

He added that Zhao’s presence in Kyrgyzstan is a sign of international confidence in the country’s efforts to combat corruption and its commitment to development.

Deep Ties Between Zhao and Kyrgyzstan

Despite his denial, Zhao has maintained extensive collaboration with Kyrgyzstan’s government throughout 2024 and into 2025.

In April, the National Investment Agency under Japarov’s office signed a memorandum of understanding with Zhao to develop the country’s cryptocurrency and blockchain ecosystem, including infrastructural support, technical consulting, and educational initiatives.

The partnership was formalized during discussions aimed at positioning Kyrgyzstan as a forward-looking hub in digital finance.

By October, Zhao announced multiple milestones during the National Council for the Development of Virtual Assets and Blockchain Technologies meeting.

These initiatives included launching a national stablecoin on BNB Chain, preparing a central bank digital currency for rollout, establishing a national crypto reserve that includes BNB, partnering with Binance Academy to support ten Kyrgyz universities, and fully localizing the Binance app in Kyrgyz.

Zhao also facilitated partnerships between Kyrgyzstan and other blockchain firms, including EthSign, providing what he described as real strategic value beyond capital investment.

Back in May 2025, Zhao also participated in meetings at Issyk-Kul Lake, where officials discussed implementing Binance Pay for nationwide crypto payments and expanding blockchain education programs.

“Honored to be invited by Mr. President Sadyr Japarov of Kyrgyzstan to join the National Crypto Council,” Zhao wrote at the time.

He has served as a strategic adviser to the country’s crypto committee since April 2024, guiding the development of regulatory frameworks and blockchain solutions that extend beyond trading applications.

Regional Crypto Ambitions Expand

In March, Kazakhstan’s parliament member Azat Peruashev urged his government to establish a national crypto bank, citing concerns that up to 90% of crypto trading occurs outside official oversight.

He argued that a state-controlled institution could curb tax evasion, fraud, and capital flight linked to unregulated platforms.

Most recently, the Kyrgyz government also confirmed plans to pilot its digital som through three phases, starting with interbank transfers, followed by integration with the Central Treasury for government payments, and concluding with offline transaction testing.

The National Bank will decide whether to fully issue the CBDC after completing its evaluations by 2026.

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