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Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
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Binance founder Changpeng Zhao has deleted a post X in which he denied involvement in the recently approved Kyrgyzstan Bereket Bank, a commercial institution focused on digital assets designed to attract foreign investment.
The elimination follows the president of Kyrgyzstan Sadyr Japarov public statement in an interview with local media that Zhao proposed to create a private crypto bank during a meeting in May 2024.
The National Bank of Kyrgyzstan has approved Bereket Bank to advance the country’s crypto strategy, with reports indicating that President Japarov’s son Nurdoolot is serving as a founder alongside former Parliament Speaker Marat Sultanov.
Japarov stressed that the bank operates as a private enterprise without state ownership or family control, despite the family connection.
Conflicting Statements Spark Confusion
Zhao initially responded to media reports saying he proposed the creation of the bank by claiming the claim was false.
He said he never suggested starting a bank, had no interest in running one, and didn’t recognize the name mentioned.
However, the post refuting these claims was subsequently deleted from his X account without explanation, raising questions about the accuracy of his denial.
The contradiction emerged after a Coin Bureau report linked Zhao to the bank settlement, prompting the publication to issue a correction.
President Japarov’s interview with the Kabar news agency provided a detailed background, stating that Zhao approached him in May with the idea of opening a digital bank together.
According to Japarov, Zhao rejected involvement in a state-owned bank, but agreed to proceed with a private institution focused on virtual assets.
Japarov defended his son’s participation by explaining that Nurdoolot and his brother, Rustam, have degrees in economics and finance, and are focused on attracting foreign investors rather than pursuing political roles.
“Is it not better for them to be busy with their personal affairs rather than engage in government business?“Japarov said in the interview.
He added that Zhao’s presence in Kyrgyzstan is a sign of international confidence in the country’s efforts to fight corruption and its commitment to development.
Deep ties between Zhao and Kyrgyzstan
Despite his denial, Zhao maintained extensive collaboration with the Kyrgyz government throughout 2024 and into 2025.
In April, the The National Investment Agency under Japarov’s office signed a memorandum of understanding with Zhao to develop the cryptocurrency and blockchain ecosystem of the country, including infrastructural support, technical consultation and educational initiatives.
The collaboration was formalized during discussions aimed at positioning Kyrgyzstan as a future center in digital finance.
of October, Zhao announced several milestones during the meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies.
These initiatives include the launch of a national stablecoin on the BNB chain, the preparation of a central bank digital currency for rollout, the creation of a national crypto reserve that includes BNBpartnership with Binance Academy to support ten Kyrgyz universities, and fully localize the Binance app in Kyrgyzstan.
Zhao has also facilitated partnerships between Kyrgyzstan and other blockchain companies, including EthSign, providing what he described as real strategic value beyond capital investment.
Back in May 2025, Zhao also participated in meetings at Lake Issyk-Kulwhere officials discussed the implementation of Binance Pay for national crypto payments and the expansion of blockchain education programs.
“Honored to be invited by Mr. Sadyr Japarov of Kyrgyzstan to join the National Crypto Board,“Zhao wrote at the time.
He served as a strategic advisor to the country’s crypto committee from April 2024, leading the development of regulatory frameworks and blockchain solutions that extend beyond commercial applications.
Regional Crypto Ambitions Expand
In March. I urged his government to establish a national crypto bank, citing concerns that up to 90% of crypto trading is outside of official oversight.
He argued that a state-controlled institution could curb tax evasion, fraud and capital flight linked to unregulated platforms.
More recently, the Kyrgyz government is also confirmed plans to pilot its digital som in three phases, starting with interbank transfers, followed by integration with the Central Treasury for government payments, and concluding with offline transaction tests.
The National Bank will decide whether to fully issue the CBDC after completing its evaluations by 2026.
