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Binance co-founder Changpeng “CZ” Zhao has dismissed reports that he has spearheaded a proposal to establish a crypto-friendly private bank in the Central Asian nation of Kyrgyzstan, where he will provide advisory services.
The rumors emerged after Kyrgyzstan President Sadyr Japarov told the Kabar news agency on Sunday that CZ had visited the village in May and suggested a cooperative effort to establish a private bank that also deals with cryptocurrency.
Japarov says that he would have preferred to open a state bank, but when CZ rejected the idea, “we agreed to open a private bank” instead, which resulted in Bereket Bank.
Changpeng Zhao denies being behind the bank proposal
CZ, however, dismissed Japarov’s claims. In a post X on Monday, the former CEO of Binance he said he was not behind the proposal and has no interest in running a bank indiscriminately.
“This is not correct. It is not quite level 4 FUD, but also wrong. I have never proposed to create a bank myself. While I support banks that work with crypto in general, I have no interest in running one. I do not recognize the name mentioned below. It is not something I proposed.”
“I could have said something like I want there to be as many digital banks that support crypto as possible,” he added.
CZ does consulting work in Kyrgyzstan
Despite refuting claims that he is behind the private bank, CZ revealed in April that it had advised the country on blockchain and regulation and crypto technology after signing a memorandum of understanding with the foreign investment agency of Kyrgyzstan.
Related: Kyrgyz officials outline strategy to make the country a regulated crypto haven
Since assuming the advisory role, he has helped lead several cryptocurrency initiatives in the country.
Kyrgyzstan launched a new stablecoin pegged 1:1 to the Kyrgyz Som in October. CZ recently announced the stablecoin will run on the BNB chain and BNB (BNB) would also be included in the country’s crypto reserve if launched.
At the same time, CZ said Kyrgyzstan is integrating Binance’s education arm, Binance Academy, with 10 of its leading universities and localizing the Binance app across the country.
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