{"id":17620,"date":"2025-11-03T08:26:33","date_gmt":"2025-11-03T07:26:33","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=17620"},"modified":"2025-11-03T08:26:33","modified_gmt":"2025-11-03T07:26:33","slug":"binances-cz-disputes-allegations-of-advocating-for-kyrgyz-crypto-institution","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/11\/03\/binances-cz-disputes-allegations-of-advocating-for-kyrgyz-crypto-institution\/","title":{"rendered":"Binance\u2019s CZ Disputes Allegations of Advocating for Kyrgyz Crypto Institution"},"content":{"rendered":"

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Binance co-founder Changpeng \u201cCZ\u201d Zhao has contested reports indicating that he has been advocating for a proposal to create a crypto-friendly private bank in the Central Asian country of Kyrgyzstan, where he offers consultancy services.<\/p>\n

The speculation arose following Kyrgyzstan President Sadyr Japarov’s statement to the Kabar news agency on Sunday that CZ had traveled to the nation<\/a> in May and proposed a collaborative venture to set up a private bank that also engages in cryptocurrency.<\/p>\n

Japarov asserts he would have preferred establishing a state-owned bank, but when CZ dismissed the notion, \u201cwe opted to create a private bank\u201d instead, culminating in Bereket Bank.<\/p>\n

Changpeng Zhao rejects involvement in bank proposal<\/h2>\n

CZ, nonetheless, has denied Japarov’s assertions. In an X post on Monday, the former Binance CEO stated<\/a> he was not involved in the proposal and holds no desire to operate a bank in any case.<\/p>\n

\u201cThis is inaccurate. Not entirely at 4 FUD level, but still erroneous. I never suggested establishing a bank myself. Although I back banks collaborating with crypto broadly, I have no desire to manage one. I do not recognize the name mentioned below. It’s not something I suggested.\u201d<\/p><\/blockquote>\n

\u201cI might have expressed a desire for an abundance of digital banks supporting crypto,\u201d he further noted.<\/p>\n

Source: <\/em>Changpeng Zhao<\/em><\/a> <\/a><\/figcaption><\/figure>\n

CZ provides consultancy in Kyrgyzstan<\/h2>\n

Despite disputing the claims of his involvement in the private bank, CZ did disclose in April that he was advising the nation<\/a> on blockchain and cryptocurrency-related regulations and technology after entering into a memorandum of understanding with Kyrgyzstan\u2019s agency for foreign investments.<\/p>\n

Related: <\/strong><\/em>Kyrgyz officials outline strategy to transform the nation into a regulated crypto haven<\/strong><\/em><\/a><\/p>\n

Since taking on the advisory role, he has engaged with various cryptocurrency initiatives within the country.<\/p>\n

Kyrgyzstan introduced a new stablecoin pegged 1:1 to the Kyrgyzstani som in October. CZ announced at that time that the stablecoin<\/a> would operate on the BNB Chain and its native token BNB (BNB<\/a>) would also be incorporated into the nation\u2019s cryptocurrency reserves if launched.<\/p>\n

Simultaneously, CZ mentioned that Kyrgyzstan is integrating Binance\u2019s educational division, Binance Academy, with 10 of its leading universities and localizing the Binance app throughout the nation.<\/p>\n

Magazine:<\/strong><\/em> Mysterious Mr Nakamoto author: Discovering Satoshi would harm Bitcoin<\/strong><\/em><\/a><\/p>\n