Changpeng Zhao (CZ), co-founder of Binance and one of the most influential leaders in the global crypto industry, publicly denied rumors in early November 2025 that he had proposed or planned to establish a private crypto bank in Kyrgyzstan.
The rumor spread rapidly within the crypto community. CZ’s immediate and often humorous denial once again demonstrated how easily and quickly misinformation can spread. We delve into the full background of the “Bereket Bank” controversy, the facts, and its impact on the crypto world.
The Genesis of the Controversy: The “Bereket Bank” Rumor
The Essence of the Rumor
News began circulating on social media, particularly on the X platform (formerly Twitter), claiming that a new crypto bank named “Bereket Bank” was to be launched in Kyrgyzstan, and that CZ had proposed its establishment. The bank was reportedly designed to focus on digital assets and foreign investment, without government intervention or family ties.
Source and Context of the Misinformation
The primary source of this misleading communication was attributed to certain popular crypto news outlets. Comments made by CZ regarding the necessity of crypto-friendly banks or his support for the emergence of crypto-based banks in Kyrgyzstan were misinterpreted.
In reality, the establishment of a new financial institution in Kyrgyzstan called “Bereket Bank CJSC” was indeed approved by the National Bank in October 2025. However, local media reported that this bank had no foreign contribution and its founders were local dignitaries. This factual news appears to have been incorrectly linked with CZ’s name.
CZ’s Public Denial and Humour
As the rumor intensified, CZ responded quickly and directly via his X account.
The “Incorrect” Claim
CZ rebutted in his signature style, humorously stating, “This is incorrect. While not quite full-blown ‘FUD’ (Fear, Uncertainty, Doubt), it is wrong.”
The key aspects of his denial:
- No Interest in Running a Bank: He clarified that while he supports banks that embrace crypto, he has no interest in personally establishing or running one.
- Lack of Recognition: He humorously noted that he didn’t even recall the name “Bereket Bank” mentioned in the rumor.
The Misinterpreted Comment
CZ also explained how the confusion might have started. He suggested that he might have stated in a public forum, “I wish there were as many crypto-friendly digital banks as possible,” and that someone might have mistakenly propagated the rumor that CZ proposed starting a bank based on this supportive sentiment.
Background and Broader Context
CZ’s denial is related to several important trends currently dominating the crypto space.
Kyrgyzstan’s Crypto Engagement
CZ’s recent activities have been connected to the Central Asian country of Kyrgyzstan:
- Local Engagement: CZ had previously visited Kyrgyzstan. In April 2025, he signed a Memorandum of Cooperation with Kyrgyzstan’s National Investment Agency.
- Technological Support: In late October 2025, CZ announced preparations for Kyrgyzstan to launch a national Stablecoin and implement its Central Bank Digital Currency (CBDC). He also suggested BNB tokens for the country’s National Cryptocurrency Reserve.
These activities indicate that Kyrgyzstan is utilizing the consultancy and advice of CZ and Binance to build its digital asset environment. However, CZ’s role remains that of an advisor and supporter, not a direct banking principal.
Banks vs. Decentralized Philosophy
Many key figures in the crypto industry, like CZ, support the adoption of digital assets but are hesitant to directly involve themselves in centralized institutions that provide financial services.
Banks are centralized, whereas crypto operates on Decentralized Principles. CZ’s denial underscores his focus on decentralized development of technology and the platform, shifting attention away from banking operations.
Crypto Community Reaction and Key Lesson
The incident sparked both amusement and some serious analysis among CZ’s followers.
- Humour: One user joked that a rumor would soon circulate that CZ was opening a lemon juice stand in Bishkek (the capital of Kyrgyzstan), to which CZ replied, “I might have even proposed that one.”
- Key Lesson: This moment highlighted the speed and inherent risk of information spread in the crypto world. A simple comment, possibly misinterpreted by a reputable source, escalated into a global news item requiring a major denial.
CZ’s humorous and measured rebuttal underscores why he continues to be one of the most respected figures in the digital asset world, and emphasizes the importance of communication and transparency.
