TLDR
- CZ denied reports of proposing a private crypto bank called Bereket Bank.
- He said he supports crypto banks but has no interest in running one.
- The rumor began from a misinterpreted comment shared by Coin Bureau.
- CZ’s response went viral, sparking humor and discussion in the crypto space.
Binance co-founder Changpeng Zhao (CZ) has denied claims that he proposed creating a private crypto bank in Kyrgyzstan. The reports, which spread rapidly across social media, alleged that CZ was behind the idea of launching “Bereket Bank,” a digital asset-focused institution. The Binance executive moved quickly to dismiss the rumors, describing them as inaccurate and based on a misunderstanding of his remarks.
CZ Rejects Claims of Launching “Bereket Bank”
CZ addressed the rumor directly on X (formerly Twitter), stating that the circulating reports were wrong. “This isn’t correct. Not quite ‘4’ FUD level, but still wrong,” he wrote. The Binance co-founder clarified that he never proposed creating or operating a bank himself.
He explained that while he supports crypto-friendly banks, he has “no interest in running one.” CZ added that he did not recognize the name “Bereket Bank,” which was mentioned in the viral report. His comments quickly gained traction online, drawing both serious responses and humorous reactions from the crypto community.
Miscommunication Triggers Viral Rumor
The confusion began after a well-known crypto news outlet, claimed that CZ had proposed establishing a bank in Kyrgyzstan focused on digital assets and foreign investment. The story spread quickly due to the outlet’s large following and CZ’s prominence in the industry.
CZ later suggested that the rumor may have come from a misinterpretation of one of his earlier comments. “I might have said something like, ‘I wish there to be as many digital banks supporting crypto as possible,’” he explained. The remark, he said, may have been misunderstood as a direct proposal to launch a bank.
Crypto Community Responds Online
The crypto community responded to the clarification with a mix of humor and analysis. Some users posted memes joking about CZ starting businesses in Kyrgyzstan, while others praised his transparency. One user wrote, “Next up: CZ opening a lemonade stand in Bishkek,” to which CZ replied, “I might have proposed that,” keeping the conversation lighthearted.
Others used the situation to emphasize that supporting the development of crypto-friendly banks is different from owning or running one. The online exchange reflected the ongoing curiosity surrounding digital banking and the increasing attention paid to leaders in the cryptocurrency space.
Growing Interest in Crypto Banking Across Asia
The timing of the rumor coincided with increasing interest in crypto banking initiatives across Asia and Central Asia. Kyrgyzstan has recently been exploring digital asset frameworks to encourage financial innovation and attract investment.
However, there is no evidence linking Binance or CZ to any banking operations in Kyrgyzstan. Binance continues to focus on its exchange and compliance efforts across global markets. The incident served as another example of how quickly unverified claims can spread within online crypto communities.
CZ’s measured response and use of humor helped contain the misinformation. It also showed how public figures in the crypto industry are often at the center of speculation. As interest in digital banking continues to grow, accurate communication remains vital to prevent confusion within the global financial community.
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