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Confusion erupted in Kyrgyzstan this week after President Sadyr Japarov and Binance founder Changpeng Zhao (CZ) issued conflicting statements about the creation of Bereket Bank, the country’s first-ever digital asset bank.
The newly announced institution, designed to attract foreign investment and strengthen Kyrgyzstan’s role in the global cryptocurrency sector, has become the center of a diplomatic and industry-wide controversy.
President Claims CZ Proposed Digital Bank
In an interview with Kabar News Agency, President Japarov said that Bereket Bank was established following a proposal from Binance’s founder, claiming the initiative aimed to draw international capital and bolster Kyrgyzstan’s position in the digital economy.
🏦 Kyrgyz President: CZ proposed “Bereket Bank”
Sadyr Japarov said Binance founder CZ suggested launching a private digital-asset bank focused on virtual assets and foreign investment. He stressed the bank has no state or family ownership.#Kyrgyzstan #CZ #Binance pic.twitter.com/DEhUXe29lB
— 99Bitcoins (@99BitcoinsHQ) November 3, 2025
“The project is entirely private,” Japarov stressed, “and neither the government nor my family has any financial involvement.”
According to the president, Bereket Bank will operate as a commercial financial institution focused on blockchain-based asset management and cross-border transactions.
CZ Denies Any Involvement
Shortly after the announcement, CZ publicly denied having any role in the project. The Binance founder wrote on social media:
“I never proposed or discussed the establishment of any digital asset bank in Kyrgyzstan, nor am I familiar with the parties involved.”
The post was later deleted, fueling further confusion and speculation about what prompted the president’s comments. Binance, one of the largest crypto exchanges, has not issued any official statement clarifying the situation.
🇰🇬 Binance founder CZ deletes post denying involvement in Kyrgyzstan's Bereket Bank after president confirms his role in proposing the digital asset institution.#CZ #Binancehttps://t.co/Qs5rJSgwud
— Cryptonews.com (@cryptonews) November 3, 2025
Conflicting Narratives and Historical Ties
Industry observers note that Binance and the Kyrgyz government have previously collaborated on several initiatives , including blockchain education programs, regulatory consultations, and financial inclusion projects.
This history of cooperation may have contributed to the misunderstanding. However, as of now, the exact origin of Bereket Bank remains unclear.
The discrepancy between President Japarov’s official statement and CZ’s categorical denial underscores growing communication challenges between governments and private crypto entities expanding across emerging markets.
Uncertainty Highlights Broader Risks
The incident illustrates the complexities of crypto diplomacy, where national leaders and global firms often pursue overlapping but distinct agendas.
Analysts warn that such information mismatches can impact investor confidence, particularly in emerging digital economies like Kyrgyzstan.
For now, crypto investors and policymakers alike are awaiting further clarification from both the Kyrgyz government and Binance.
