CZ Denies Involvement in Bereket Bank Project

• CZ denies proposing or joining any crypto bank project in Kyrgyzstan.
• President Japarov claims Bereket Bank aims to attract major digital asset investment.
• Kyrgyz officials confirm Binance-Kyrgyz cooperation on blockchain development.

Binance co-founder Changpeng Zhao has denied reports suggesting that he proposed setting up a private digital asset bank in Kyrgyzstan. Zhao stated that he has never considered starting or running a bank and has no connection to the individuals reportedly linked to the alleged project.

He dismissed the reports as misinformation, clarifying that while he supports cooperation between banks and the crypto industry, he has not taken part in any such initiative. Zhao described the allegations as misleading but said they do not qualify as what he calls “fourth-degree FUD.”

Related: Binance’s CZ Says Tokenization to Drive Crypto Growth, Calls on Hong Kong to Act Fast

Kyrgyz President Outlines Digital Banking Vision

The denial follows comments from Kyrgyzstan’s President Sadyr Japarov, who recently claimed that Zhao proposed the creation of a private digital asset-focused institution called Bereket Bank. Japarov confirmed that the initiative was designed to attract large-scale foreign investment and serve as a hub for virtual asset operations. He pointed out that the venture would remain a private company, independent of government control or his family’s direct involvement.

Addressing speculation over the bank’s founders, Japarov stated that former parliamentary speaker Marat Sultanov and his son, Nurdoolot Nurgozhoev, were approached to participate in the project. The President said he encourages his relatives to pursue business ventures that bring investment into the country, but stated that none of them are involved in state affairs.

Conflicting Accounts and Cooperation Background

According to Japarov, the initial idea was to create a state-run digital bank, but Zhao declined participation in a government-led enterprise. The two later discussed the possibility of a private model, after which Sultanov was appointed to handle organizational aspects. The President stated the arrangement was meant to leverage Sultanov’s banking experience and attract additional investors.

In addition, Kyrgyz officials have previously confirmed that Zhao signed a cooperation agreement with the National Investment Agency in April, outlining plans to advance cryptocurrency and blockchain development within the country. Japarov said Zhao’s visit represented growing international interest in Kyrgyzstan’s emerging digital asset sector.

Japarov argued that Bereket Bank would operate like a traditional financial institution while focusing on virtual assets and digital currencies. He added that the project aims to support economic growth and provide benefits to Kyrgyz citizens, including social initiatives for vulnerable groups.

Related: CZ’s Advice Could Make BTC, BNB National Assets in Kyrgyzstan