Binance co-founder Changpeng Zhao (CZ) has publicly dismissed reports that he proposed launching a private crypto bank in Kyrgyzstan. The denial follows viral claims that Zhao intended to establish “Bereket Bank,” a crypto-focused institution aimed at attracting foreign investment and offering digital asset services.
CZ Says the Claim Is “Wrong”
Binance co-founder Changpeng Zhao (CZ) has denied rumors that he proposed launching a crypto bank in Kyrgyzstan, calling the reports inaccurate but not malicious. Addressing the claims on X (formerly Twitter), he wrote with characteristic humor, “This isn’t correct. Not quite ‘4’ FUD level, but still wrong.” CZ clarified that he never proposed creating a bank himself, emphasizing that while he supports banks working with the crypto industry, he has “no interest in running one.” He also said he didn’t recognize the name “Bereket Bank,” which had been mentioned in the false reports. His post quickly went viral, sparking a wave of memes and lighthearted replies from the crypto community.
Miscommunication Sparks Viral Moment
The confusion began when Coin Bureau claimed CZ had proposed setting up “Bereket Bank” in Kyrgyzstan — a bank supposedly focused on digital assets and foreign investments, independent of government or family ties. The story spread rapidly, fueled by Coin Bureau’s reputation and CZ’s global prominence. However, CZ later clarified that the notion of him founding a bank was pure speculation. He joked that he may have once said something like, “I wish there to be as many digital banks supporting crypto as possible,” a comment that could have been misinterpreted as a concrete proposal.
Crypto Community Reacts
The crypto community quickly joined the conversation, mixing humor with thoughtful commentary. One user quipped, “Next up: CZ spotted opening a lemonade stand in Bishkek,” to which CZ playfully replied, “I might have proposed that.” Others used the moment to highlight a broader point — supporting crypto-friendly banks isn’t the same as wanting to run one. Analysts noted that CZ’s stance mirrors a growing trend among industry leaders: advocating for crypto adoption while staying aligned with decentralization principles.
Broader Context
CZ’s clarification comes amid rising interest in crypto banking across Asia and Central Asia. Kyrgyzstan, in particular, has been exploring ways to integrate digital assets into its financial framework. Despite the rumors, there’s no evidence connecting CZ or Binance to any banking ventures in the country. The episode served as another reminder of how swiftly misinformation can spread within the crypto space — and how CZ’s measured, good-humored response continues to reinforce his influence and relatability in the digital asset world.
