CZ Denies Crypto Bank Plan in Kyrgyzstan, Presidential Account Disputed – Breaking News
BISHKEK, KYRGYZSTAN – November 3, 2025 – A whirlwind of conflicting reports has emerged regarding a potential cryptocurrency bank in Kyrgyzstan, with Binance co-founder Changpeng Zhao (CZ) vehemently denying any involvement. The denial comes after Kyrgyz President Sadyr Japarov publicly stated that Zhao had proposed the creation of a private digital asset institution, named Bereket Bank. This developing story is rapidly gaining attention within the crypto community and raises questions about international collaboration in the burgeoning digital asset space. This is a breaking news update, optimized for Google News and SEO visibility.
President Japarov’s Vision for a Digital Finance Hub
President Japarov has been actively promoting Kyrgyzstan as a potential hub for digital asset operations, aiming to attract significant foreign investment. He initially envisioned a state-owned digital bank, but according to his account, CZ expressed a preference for a private model. Japarov claims that former parliament speaker Marat Sultanov and his son, Nurdoolot Nurgozhoev, were then approached to spearhead the organizational efforts for Bereket Bank. The President emphasized his support for his relatives’ entrepreneurial ventures that contribute to the nation’s economic growth, while clarifying their non-involvement in state affairs.
CZ’s Firm Rejection and Concerns Over Misinformation
However, CZ swiftly and directly refuted these claims via social media, stating he “never suggested starting a bank” and has “no interest in running one.” He dismissed the reports as “misinformation,” though downplayed them as not reaching the level of significant “FUD” (Fear, Uncertainty, and Doubt). CZ did acknowledge his support for collaboration between traditional banks and the crypto industry, but stressed he hasn’t participated in any such initiative. This direct contradiction throws the entire project into question and highlights the challenges of navigating public statements in the fast-moving world of cryptocurrency.
A Previously Confirmed Collaboration on Blockchain Development
Despite the dispute over the bank, it’s important to note that a cooperative agreement between Binance and Kyrgyzstan does exist. Kyrgyz officials confirmed in April that Zhao signed an agreement with the National Investment Agency to promote cryptocurrency and blockchain development within the country. This agreement signaled growing international interest in Kyrgyzstan’s emerging digital asset sector and laid the groundwork for potential future collaborations. The initial agreement focused on broader blockchain infrastructure and education, rather than the establishment of a dedicated financial institution.
The Bigger Picture: Tokenization and the Future of Finance
CZ’s denial arrives alongside his recent statements emphasizing the pivotal role of tokenization in driving future crypto growth. He has urged Hong Kong to act swiftly to embrace this technology, suggesting a broader strategy of integrating digital assets into existing financial systems. The situation in Kyrgyzstan, even with the disputed bank proposal, underscores the global trend towards exploring the potential of digital currencies and blockchain technology. The concept of a digital bank, even one focused on virtual assets, isn’t new. Several countries are actively experimenting with central bank digital currencies (CBDCs) and regulatory frameworks for private crypto banks. Understanding these developments is crucial for investors and anyone interested in the future of finance.
The conflicting narratives surrounding Bereket Bank serve as a potent reminder of the importance of due diligence and verifying information in the rapidly evolving crypto landscape. As Kyrgyzstan continues to position itself as a potential digital asset hub, the clarity of its partnerships and the transparency of its initiatives will be paramount to attracting sustainable investment and fostering trust within the global crypto community. The situation will undoubtedly be closely watched by industry observers and regulators alike, as it could set a precedent for future collaborations between governments and leading crypto exchanges.
