Changpeng Zhao, the co-founder of Binance, removed an X(Twitter) post in which he denied any connection to Kyrgyzstan’s recently authorised Bereket Bank, a business organisation focusing on digital assets intended to draw in international capital.
The removal comes after Sadyr Japarov, the president of Kyrgyzstan, stated in a local media interview that Zhao suggested setting up a private cryptocurrency bank during a meeting in May 2024.
The history
Bereket Bank was authorised by the National Bank of Kyrgyzstan to further the nation’s cryptocurrency strategy. According to sources, Nurdoolot, the son of President Japarov, and former Parliament Speaker Marat Sultanov are among the bank’s founders.
Despite the family link, Japarov emphasised that the bank is a private enterprise with neither governmental ownership nor family management.
Zhao first denied media claims that he suggested the establishment of the bank. He claimed he didn’t remember the name presented, never recommended opening a bank, and has no interest in operating one.
But the post disputing these assertions was later deleted from his X(Twitter) account without any justification, casting doubt on the veracity of his denial.
Details on the Bank
A thorough backdrop was given by President Japarov in an interview with Kabar news agency. He stated that Zhao had approached him in May with the proposal to jointly launch a digital bank.
Japarov claims that Zhao agreed to move forward with a private organisation that specialised in virtual assets but rejected participation in a state-owned bank.
Japarov justified his son’s involvement by stating that Nurdoolot and his brother, Rustam, both have degrees in finance and economics and prioritise luring foreign investors above seeking positions in politics.
“Isn’t it better for them to be busy with their personal affairs rather than getting involved in government affairs?” Japarov said in the interview. Zhao’s presence in Kyrgyzstan, he continued, is an indication of worldwide trust in the nation’s efforts to fight corruption and its dedication to development.
CZ and Kyrgyzstan
Zhao has continued to work closely with the Kyrgyz administration in 2024 and 2025 despite his denial.
A memorandum of agreement was inked in April between Zhao and the National Investment Agency under Japarov’s office to advance the nation’s blockchain and cryptocurrency ecosystem, including technical consultation, infrastructure assistance, and instructional programs.
So, the incident has already led to a lot of confusion in the crypto industry as to what to finally believe. However, CZ deleting his denial post suggests that it might have something to do with the establishment of the bank, especially with his connections with Kyrgyzstan.
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