Binance founder Changpeng Zhao (CZ) has denied reports that he proposed setting up a private crypto bank in Kyrgyzstan, calling the claims false and “not quite ‘4’ FUD level.”
The story spread quickly this week after several outlets reported that Kyrgyzstan planned to launch a new institution, Bereket Bank, supposedly following CZ’s suggestion. The bank was described as crypto-friendly and aimed at attracting foreign investment, but CZ says the entire premise is wrong.
“This isn’t correct. Not quite ‘4’ FUD level, but still wrong. I never proposed creating a bank myself,” he wrote on X. “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.”
In a separate post, he added: “I might have said something like ‘I wish there to be as many digital banks supporting crypto as possible.’” Though that particular post now appears to have been deleted.
When a user named poet.base.eth joked, “Next up: CZ spotted opening a lemonade stand in Bishkek,” CZ replied, “I might have ‘proposed’ that…”
Where the Story Originated
The rumor appears to have started from reports in Kyrgyz and regional media that claimed President Sadyr Japarov had backed the creation of Bereket Bank based on an idea from CZ. Once the story made its way into crypto-Twitter circles, it spread fast — but without any official confirmation or source linking CZ to the project.
CZ has now made it clear he had no role in such plans and doesn’t know the individuals mentioned in those reports.
Kyrgyzstan's Crypto Initiatives
Kyrgyzstan has spent the past few years trying to modernize its financial sector and draw in blockchain investment. The government has floated the idea of developing a national digital-asset framework, including regulated crypto mining and financial-tech partnerships.
The supposed creation of Bereket Bank fit that narrative, but CZ’s denial makes it clear that his name was attached to the story by mistake. There’s no evidence linking him to the bank or any Kyrgyz financial project.
CZ's Consistent Stance
Even as he shot down the report, CZ repeated a familiar position: he supports banks that work with crypto, but he doesn’t want to operate one himself.
His quick response also highlights a bigger issue in crypto news cycles: how rumors can gain momentum from a single unverified claim. By calling it “below Level 4 FUD,” CZ acknowledged the story was wrong but not malicious.
The Takeaway
The Kyrgyz bank story joins a long list of crypto rumors that have swirled around CZ over the years. Each time, he’s used humor and quick public responses to defuse speculation, this time with a lemonade-stand punchline that turned a false story into a viral moment.