CZ Shuts Down Kyrgyzstan Crypto Bank Rumors - Binance Founder Sets Record Straight
Breaking: Binance's Changpeng Zhao denies swirling speculation about launching a cryptocurrency bank in Central Asia.
The Straight Facts
CZ took to social media to debunk reports claiming Binance was planning to establish a digital asset banking institution in Kyrgyzstan. The billionaire entrepreneur clarified his position with characteristic bluntness - no such proposal exists, despite local media suggesting otherwise.
Central Asian Crypto Landscape
Kyrgyzstan has been cautiously exploring digital asset regulation while neighboring Kazakhstan embraced mining operations. The region represents a complex regulatory puzzle that even the world's largest exchange appears hesitant to solve through traditional banking channels.
Industry analysts note this reflects crypto's broader trend of bypassing legacy financial infrastructure rather than reforming it from within. Why build banks when you can build decentralized protocols that make them obsolete?
Another day, another denied banking rumor in crypto - because who needs permissioned intermediaries when you've got mathematics and code?
TLDR
- CZ confirmed he never proposed or planned a crypto bank in Kyrgyzstan.
- The rumor came from a post by Coin Bureau and spread widely online.
- CZ stated he supports crypto banks but does not want to operate one.
- Binance has no official banking projects announced in Kyrgyzstan.
Rumors recently spread across crypto circles that Binance Co-founder Changpeng Zhao (CZ) planned to launch a private crypto bank in Kyrgyzstan. The reports claimed Zhao had proposed setting up “Bereket Bank,” a digital asset-focused institution aimed at foreign investments. However, CZ quickly denied the claims, stating that he never suggested or intended to create such a bank.
CZ Publicly Rejects Bank Proposal Claims
Changpeng Zhao responded to the reports through a post on X (formerly Twitter), calling them inaccurate. He stated, “This isn’t correct,” and made it clear that while he supports banks working with crypto, he has “no interest in running one.” He also said he had never heard of the name “Bereket Bank,” which was at the center of the rumor.
CZ’s denial came after several posts began circulating on social media, implying he had plans to set up a crypto-focused bank in Kyrgyzstan. The idea spread quickly due to CZ’s global reputation and influence in the crypto industry. However, he confirmed that the information was false and likely based on a misinterpretation of his general support for crypto banking.
Origin of the Misunderstanding
The confusion began when Coin Bureau, a popular crypto content platform, posted that CZ had proposed “Bereket Bank” in Kyrgyzstan. The post suggested the bank WOULD focus on digital assets and attract foreign capital, without any political or family ties.
This message gained traction quickly, with many in the crypto community assuming CZ had officially announced the plan. However, CZ responded with a light-hearted tone, saying he might have made general statements like wishing to see more banks support crypto, but that should not be taken as a proposal.
Community Response and Clarification
After CZ’s response, the topic continued trending on crypto platforms. Many users responded with jokes and memes. One post read, “Next up: CZ spotted opening a lemonade stand in Bishkek,” to which CZ replied, “I might have proposed that.”
Despite the humor, several users pointed out that supporting the idea of crypto banks does not mean launching one. CZ emphasized that he encourages the development of crypto-friendly institutions, but does not wish to operate any himself. His comments reflect a separation between support for financial innovation and direct business involvement.
No Evidence Linking CZ or Binance to Kyrgyz Bank
At present, there is no confirmed LINK between CZ, Binance, and any banking project in Kyrgyzstan. The Central Asian country has shown interest in integrating digital assets into its financial system, but neither Binance nor its leadership have announced any formal initiatives in this direction.
Reports about “Bereket Bank” being led by CZ were not backed by official sources. Binance also has not released any statements suggesting it is involved in such a plan. The rapid spread of the false news reflects how quickly unverified information can gain attention in crypto communities.
