Binance co-founder Changpeng “CZ” Zhao has denied reports linking him to a proposal for launching a crypto-friendly private bank in Kyrgyzstan, where he currently serves as an advisor.
The speculation followed comments from Kyrgyz President Sadyr Japarov, who told the Kabar news agency on Sunday that CZ had visited the country in May and proposed a partnership to create a private bank that would also handle cryptocurrency transactions.
According to Japarov, he initially favored establishing a state-owned bank, but after CZ declined, they agreed to proceed with a private institution instead—leading to the creation of Bereket Bank.
In response, CZ dismissed the claims in an X post on Monday, stating that he was not involved in the proposal and has no interest in running a bank of any kind.
“This isn’t correct. Not quite 4 FUD level, but still wrong. I never proposed creating a bank myself. While I support banks working with crypto generally, I have no interest in running one. I don’t recognize the name mentioned below. It’s not something I proposed.”
“I might have said something like ‘I wish there to be as many digital banks supporting crypto as possible,’” he added.
Although CZ has denied involvement in the private bank initiative, he previously disclosed in April that he is advising Kyrgyzstan on blockchain and cryptocurrency regulation and technology following the signing of a memorandum of understanding with the country’s foreign investment agency.
He also participated in the second meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies alongside President Japarov. During that meeting, Kyrgyzstan announced the launch of a new stablecoin pegged 1:1 to the Kyrgyzstani som and built on the BNB Chain, with plans to include BNB (BNB) in the project’s crypto reserves if it moves forward.
