CZ Denies Kyrgyz Crypto Bank Role — Then Deletes Post, Raising Questions About Influence

Binance CEO Changpeng Zhao has secretly deleted a post in which he denied involvement in Kyrgyzstan’s newly approved Bereket Bank, a private digital asset-focused institution aimed at attracting foreign investment. The move comes shortly after Kyrgyz President Sadyr Japarov publicly announced that Zhao had proposed creating the crypto-focused bank during a May 2024 meeting.

Initially, Zhao refuted the media reports linking him to the bank’s creation, stating he had never suggested starting such an institution and had no interest in running one. He even denied recognizing the bank’s name.

Hours later, however, the post vanished from his X account without explanation, leaving the crypto community questioning the credibility of his denial.

Despite CZ's best efforts to cover his tracks, his deleted post resurfaced after Coin Bureau reported on the discruptency of Zhao's statement

“CZ’s deleted denial has thrown a spotlight on the growing tension between private crypto influence and transparency in emerging markets.”

A Private Venture With Strong Family Ties

In an interview with Kabar news agency, President Japarov revealed that it was Zhao who first approached him in May last year with the idea of creating a digital bank together. During that discussion, CZ pitched the idea saying that he won't want to get himself involved in a state-owned bank but would like to Japarov's hand in opening a private venture which provided virtual assets.

While he had labeled the entity as a "private venture", the new establishment has more links to the Japarov than one would hope for. For example, the new banks would be run by President Japarov's son, who holds a degree in economics and finance. President Japarov also voiced his support for his son in this new venture, saying

“Isn’t it better for them to be busy with their personal affairs rather than getting involved in government affairs?”

He also framed Zhao’s engagement as a sign of international confidence in Kyrgyzstan’s efforts to curb corruption and drive development.

The removal of Zhao’s denial post highlights a growing tension and a unsolvable mystery: why would CZ deny this new partnership when he was the one who initiated this whole project at the first place? What exactly is he trying to hide?

The situation also comes amid broader regional trends. Kazakhstan, for instance, has considered establishing a national crypto bank to curb unregulated trading and other crimes such as tax evasion, fraud and capital flight, highlighting a shift toward formalized crypto infrastructure in Central Asia.

Most recently, Kyrgyzstan also started to pilot its digital som CBDC through three phases, starting with interbank transfers, followed by integration with the Central Treasury for government payments, and concluding with offline transaction testing.

CZ’s Extensive Role in Kyrgyzstan

Despite his public denial, CZ's involvement with Kyrgyzstan’s crypto ecosystem has been extensive throughout 2024 and 2025. In April, the National Investment Agency signed a memorandum of understanding with CZ to develop blockchain infrastructure, educational programs, and technical consulting initiatives aimed at positioning Kyrgyzstan as a digital finance hub.

By October, CZ had announced multiple milestones at the National Council for the Development of Virtual Assets and Blockchain Technologies. These included launching a national stablecoin on BNB Chain, preparing a central bank digital currency for rollout, establishing a national crypto reserve including BNB, partnering with Binance Academy to support ten universities, and fully localizing the Binance app in Kyrgyz.

He also facilitated partnerships between Kyrgyzstan and other blockchain firms, such as EthSign, underscoring his strategic involvement beyond capital investment. Earlier in May, CZ participated in meetings to explore nationwide crypto payments via Binance Pay and expand blockchain education programs, further cementing his advisory role in shaping the country’s crypto regulatory framework.

What This Means for the Crypto Industry

CZ’s deleted denial is more than a minor PR hiccup. It signals the delicate balance between private crypto leadership, state engagement, and transparency — a tension that could shape regulatory scrutiny across the region.

Kyrgyzstan’s experiment with private crypto banking may set a precedent, but CZ's contradictory messaging underscores the need for clarity when high-profile actors engage in strategic national projects.

For investors and crypto observers, the question remains: how much influence do private figures like Zhao truly wield in shaping emerging crypto markets, and at what cost to transparency and governance?