Changpeng Zhao Denies Crazy Rumor of Starting a Crypto Bank in Kyrgyzstan

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Well now, it seems the rumors about Changpeng Zhao (CZ), founder of Binance, being behind the launch of a crypto bank in Kyrgyzstan have spread like wildfire. The good news is-CZ is having none of it. He’s not in the bank business, not today, not tomorrow, and certainly not in Kyrgyzstan!

In a statement that would make a snake oil salesman jealous, CZ shot down the idea of him proposing the creation of a crypto bank called “Bereket Bank” with all the seriousness of a person denying they ate the last cookie. He was quick to make it clear that he’s not interested in starting a bank, even though he’s a fan of crypto-banking relations in a general, far-off kind of way. It’s like saying, “Sure, I like pizza, but no, I’m not opening a pizzeria in the middle of a desert.”

  • First, CZ says: “Nope, I didn’t suggest launching Bereket Bank.”
  • Despite generally liking the idea of banks dealing with crypto, CZ’s not looking to run one. Not his cup of tea.
  • Kyrgyzstan recently rolled out its national stablecoin, KGST, on the BNB Chain and has plans for a central bank digital currency (CBDC). So, there’s that.

CZ, as you may know, was the former CEO of Binance, so you might think he’d be flattered by all the attention. Instead, he took to the social platform X (because why not) to clear up this misunderstanding-imagine a knight swiping at the air with a sword to clear away a bunch of irritating flies. He wrote, “This isn’t correct… I never proposed creating a bank myself. While I support banks working with crypto generally, I have no interest in running one.”

However, before you could say “blockchain,” CZ deleted his tweet. Why? Well, that’s anyone’s guess. But the timing of his clarification was a little too neat to ignore-this came right after he paid a visit to Kyrgyzstan, where he had a tête-à-tête with President Sadyr Japarov. Maybe it was the fresh mountain air that got people talking, or maybe it was his role as a strategic adviser for the National Council for the Development of Virtual Assets and Blockchain Technologies. But, as it turns out, it wasn’t CZ who was launching a bank. Imagine that!

While he was there, the country launched the KGST stablecoin on the BNB Chain, and they’ve also got plans for a CBDC to handle government payments. Oh, and don’t forget the national cryptocurrency reserve they’re setting up. Naturally, CZ shared these developments in a post, further fueling the rumors-because why not mix up his advisory role with the birth of a new crypto empire?

CZ was also busy shaking hands with universities in Kyrgyzstan, announcing a partnership with Binance Academy to help educate the bright minds of tomorrow on blockchain tech. Now, the crypto rumors were practically begging to be misunderstood. If you’re helping out in that way, why not be the one calling the shots at a new crypto bank? Well, that’s not the case, and CZ was quick to set the record straight.

The Crypto Bank Rumors Unfold as Kyrgyzstan Prepares for the Big Regulations

Now, let’s talk regulations. Kyrgyzstan, in all its wisdom, is working toward introducing crypto regulations that might just make your head spin. Lawmakers are looking at amending the country’s “On Virtual Assets” law to establish a state-backed crypto reserve to keep a closer eye on those digital assets that seem to be multiplying faster than rabbits.

In addition, they’re planning to hand over regulatory duties to a brand-new “authorized body” that will report straight to the president. Because when it comes to crypto, why not throw in some top-down control, right? Of course, this whole regulatory framework isn’t set in stone yet, but it does send a clear signal: Kyrgyzstan’s crypto market wants to get serious about, well, being serious.

So, while CZ may not be starting a bank, he’s definitely got his hands in some very interesting pies. Will it be enough to convince people he’s not secretly plotting to take over the crypto world one coin at a time? Time will tell, but at least now we know he’s not taking over Kyrgyzstan’s financial system anytime soon. Phew!

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2025-11-03 12:33