- •Zhao denies involvement in Kyrgyzstan’s proposed private digital asset bank.
- •President Japarov discusses Bereket Bank, clarifying Zhao’s non-involvement.
- •Discrepancies arise between government and Zhao on digital banking initiative.
Binance co-founder Changpeng Zhao has refuted claims linking him to a private digital bank project in Kyrgyzstan. He clarified that he has never planned to establish or manage any bank and holds no association with the people reportedly involved in the alleged initiative.
Zhao described the circulating reports as misinformation and stressed that he has not participated in any such proposal. According to him, while he supports closer collaboration between banks and the crypto industry, the recent claims are misleading and unfounded. He further noted that the story does not even qualify as what he calls “fourth-degree FUD,” referring to baseless rumors in the crypto space.
Kyrgyz President Sadyr Japarov had earlier mentioned Zhao in connection with a project named Bereket Bank. The President said the plan was designed to attract major foreign investment and develop the nation’s digital asset ecosystem. He also clarified that Bereket Bank would be a private institution, free from government ownership or direct family involvement.
Different Narratives Around Bereket Bank’s Development
According to Japarov, the government initially proposed creating a state-backed digital bank, but Zhao declined to take part in a government-led model. Discussions then shifted to a private structure, and former parliamentary speaker Marat Sultanov was appointed to organize the project, given his experience in the banking industry.
Japarov revealed that Sultanov’s son, Nurdoolot Nurgozhoev, was also invited to join the initiative. However, he emphasized that the project remains fully private and separate from state operations. He added that his relatives are encouraged to pursue ventures that bring investment into the country, but none are engaged in political or governmental matters.
Cooperation Efforts and Ongoing Industry Interest
Officials from Kyrgyzstan confirmed that Changpeng Zhao had previously signed a cooperation agreement with the National Investment Agency. The deal focused on supporting blockchain and cryptocurrency development efforts in the country.
Zhao’s public denial has introduced new clarity to the situation, countering earlier reports that implied his involvement in the Bereket Bank project. The conflicting statements highlight the growing tension between national ambitions for digital banking and the private sector’s cautious stance toward such partnerships.