Binance Co-founder CZ Denies Proposing Crypto Bank in Kyrgyzstan

Binance co-founder Changpeng Zhao (CZ) has publicly denied reports claiming he proposed launching a private crypto bank in Kyrgyzstan. The clarification came after viral posts alleged that Zhao planned to establish “Bereket Bank.” A crypto-focused institution aimed at foreign investments and digital asset services.

CZ Says the Claim Is “Wrong”

CZ addressed the circulating rumor directly on X (formerly Twitter). He is calling it inaccurate. Though not entirely malicious. “This isn’t correct. Not quite ‘4’ FUD level, but still wrong,” he wrote with his trademark humor. He clarified that he never proposed creating a bank himself. While he supports the idea of banks working with crypto, he said he has “no interest in running one.” CZ added that he didn’t even recognize the name “Bereket Bank,” which was mentioned in the false report. His response quickly gained traction across the crypto community. While prompting a wave of memes and light-hearted replies from users.

Miscommunication Sparks Viral Moment

The confusion began after a post by Coin Bureau claimed that CZ had proposed setting up “Bereket Bank” in Kyrgyzstan. A bank allegedly designed to focus on digital assets and foreign investments without government or family ties. The story spread rapidly, fueled by the credibility of the source and CZ’s global influence in the crypto world. However, CZ’s clarification made it clear that the idea of him founding a bank was pure speculation. He humorously admitted that he might have said something like, “I wish there to be as many digital banks supporting crypto as possible.” This comment, he noted, could have been misunderstood as a proposal.

Crypto Community Reacts

The crypto community quickly joined the conversation, mixing serious analysis with humor. One user joked, “Next up: CZ spotted opening a lemonade stand in Bishkek.” CZ replied, “I might have proposed that,” leaning into the meme. Others used the moment to highlight an important distinction. Their support for crypto-friendly banks doesn’t mean running one. Commentators noted that CZ’s approach reflects a broader industry trend. Major figures backing crypto adoption while maintaining decentralized principles.

Broader Context

CZ’s clarification comes at a time when interest in crypto banking is growing across Asia and Central Asia. Kyrgyzstan, in particular, has been exploring frameworks for integrating digital assets into its financial ecosystem. Despite the rumor, there’s no evidence linking Binance or CZ to any direct banking ventures in the country. Still, the conversation underscored how quickly information and misinformation can spread in crypto circles. CZ measured response combined with humor, once again showed why he remains one of the most followed figures in the digital asset space.