CZ Deletes Post Denying Role in Kyrgyzstan’s New Crypto Bank

Core Viewpoint - The situation surrounding Binance founder Changpeng Zhao's alleged involvement in Kyrgyzstan's Bereket Bank has generated confusion due to conflicting statements from Zhao and President Sadyr Japarov regarding the bank's establishment and Zhao's role in it [1][3][4]. Group 1: Zhao's Involvement and Denial - Zhao deleted a post on X where he denied proposing the creation of Bereket Bank, which is aimed at attracting foreign investment in digital assets [1][2]. - Initially, Zhao claimed he never suggested starting a bank and had no interest in running one, but later removed his denial post, raising questions about the accuracy of his statements [3][4]. - President Japarov stated that Zhao approached him in May 2024 with the idea of opening a digital bank, indicating a potential interest from Zhao in a private institution focused on virtual assets [4][6]. Group 2: Bereket Bank and Government Involvement - The National Bank of Kyrgyzstan approved Bereket Bank as part of the country's crypto strategy, with President Japarov's son, Nurdoolot, being one of the founders [2][5]. - Japarov emphasized that the bank operates as a private business with no state ownership or family control, despite the familial connections involved [2][5]. - Zhao's ongoing collaboration with Kyrgyzstan's government includes a memorandum of understanding to develop the country's cryptocurrency and blockchain ecosystem, indicating a deeper relationship despite his public denials [7].