Co-founder Binance Changpeng Zhao denied reports that he proposed creating a private digital asset bank in Kyrgyzstan. He stated that he had never considered creating or managing a bank and has no ties to anyone potentially involved in the project.
While noting that he supports cooperation between banks and the crypto industry, he emphasized that he has not participated in any such initiative. Zhao dismissed these accusations as misinformation.
These statements come after Kyrgyz President Sadyr Japarov announced that Zhao had proposed creating a private organization, Bereket Bank, focused on digital assets. He added that this initiative is aimed at attracting major foreign investment.
According to Japarov, the idea was to create a state-owned digital bank, but Zhao refused to participate in a state-owned enterprise, so they discussed creating a private model.
Kyrgyz officials also confirmed that Zhao signed a cooperation agreement with the National Investment Agency in April, outlining plans for developing cryptocurrencies and blockchain in the country.
Sadyr Japarov added that Bereket Bank will operate as a traditional financial institution, focusing on virtual assets and digital currencies.