On November 2, 2025, Kyrgyzstan President Sadyr Japarov claimed that Binance co-founder Changpeng “CZ” Zhao proposed establishing a crypto-friendly private bank during a May 2025 visit, leading to the creation of Bereket Bank, per Cointelegraph. Japarov stated CZ rejected a state-owned bank idea, opting for a private one to attract billions in foreign investment, with Marat Sultanov appointed to lead organizational efforts. In a Kabar news interview, Japarov emphasized CZ’s role in discussions, including involving his son Nurdoolot Nurgozhoev, though he denied family involvement in the bank, per.
Despite the denial, CZ confirmed his advisory involvement in Kyrgyzstan since April 2025, signing a memorandum with the National Investment Agency to guide blockchain and crypto regulation, per. He attended the National Council for Virtual Assets and Blockchain Technologies meeting, where Kyrgyzstan launched the KGST stablecoin (pegged 1:1 to the Kyrgyz som) on BNB Chain and established a national crypto reserve including BNB, per. CZ highlighted Binance Academy’s partnership with 10 Kyrgyz universities for localized blockchain courses and full app localization for Kyrgyz users, per. This aligns with Kyrgyzstan’s CBDC pilot for government payments and efforts to become a regulated crypto hub, per.
The controversy highlights Kyrgyzstan’s aggressive crypto strategy, including a som-pegged stablecoin for remittances and financial inclusion, and a crypto reserve to attract investment, per. President Japarov views CZ’s involvement as a win, noting not every country secures his attention, per. However, CZ’s denial could temper perceptions of direct collaboration, though his advisory role continues, per. For the crypto market, this underscores Central Asia’s rise as a hub, with BNB integration boosting Binance’s influence amid CZ’s post-prison advisory pivot, per. Bitcoin (BTC) at $113,234 and Ethereum (ETH) at $4,070 show no immediate reaction, per CoinMarketCap.
Kyrgyzstan’s moves could enhance BNB adoption, with projections of 20% fintech growth by 2026, per. Investors should monitor KGST listings on international exchanges and CBDC pilots, per. Diversify into BNB or USDC with stop-losses below BTC’s $112,000, per TradingView. Follow @TheBlock__ on X for updates. While CZ’s denial clarifies his non-operational role, it doesn’t halt Kyrgyzstan’s crypto ambitions, potentially drawing $1B+ in investments, per.
