Changpeng Zhao (CZ), the founder of Binance, deleted a controversial post on the social network X. In the post, he denied involvement in Kyrgyzstan’s new Bereket Bank. The deletion comes after President Sadyr Japarov publicly claimed CZ proposed the idea, raising doubts about CZ’s ties to Kyrgyzstan.
The controversy escalated following an interview by President Japarov with the local Kabar agency. Japarov stated that CZ proposed creating a private crypto bank in a key meeting in May 2024. According to the president, Zhao rejected the idea of a state bank but agreed to proceed with a private entity. This version directly contradicts CZ’s now-deleted post. In it, Zhao claimed the story was false and that he had “no interest in running a bank.”
Bereket Bank was recently approved by the National Bank of Kyrgyzstan. Its goal is to attract foreign investment and focus on digital assets. The situation is complicated by reports naming the president’s son, Nurdoolot, as a founder. However, Japarov has defended the entity. He insists it operates as a private business with no state or family control.
A simple deleted denial or a deeper collaboration strategy?
Despite CZ’s denial regarding the bank, his CZ’s ties to Kyrgyzstan are extensive and public. Zhao has served as a strategic advisor to the country’s crypto committee since April 2024. This collaboration has been very fruitful. In fact, in October, Zhao announced several significant milestones. These include launching a national stablecoin on BNB Chain and preparing for a central bank digital currency (CBDC).
CZ’s tweet deletion adds a layer of confusion to an already deep relationship. Kyrgyzstan is moving aggressively on its blockchain adoption. The collaboration also includes Binance Academy support for ten local universities. As the country pilots its CBDC (the digital som), Zhao’s influence on the national crypto strategy is undeniable. The question now is why CZ would seek to publicly distance himself from this particular bank.
