CZ denies being behind the proposal to establish a private cryptocurrency bank in Kyrgyzstan.

Co-founder of Binance, Changpeng Zhao (CZ), denied reports that he is behind the plan to establish a cryptocurrency-friendly private bank in Kyrgyzstan. The rumor stemmed from statements by Kyrgyzstan's President Sadyr Japarov, who mentioned that CZ had proposed cooperation to open Bereket Bank after a visit in May. However, CZ asserted on X that he “never proposed to establish a bank” and “has no intention of running any bank,” although he supports banks that support cryptocurrencies.

Nevertheless, CZ confirmed that he is advising Kyrgyzstan on blockchain regulations and technology after signing a memorandum of understanding with the foreign investment agency in April. He is also supporting initiatives such as launching a stablecoin pegged 1:1 to the som on the BNB Chain, integrating Binance Academy into 10 universities, and localizing the Binance app in the country.