CZ refuted statements made by President Sadyr Japarov and clarified that he has “no interest in running a bank.” While distancing himself from the project, CZ confirmed he continues to advise Kyrgyzstan on blockchain regulation and supports initiatives like the country’s new stablecoin and Binance Academy’s local expansion. Meanwhile, US President Donald Trump defended his recent pardon of Zhao. He explained that he doesn’t personally know the crypto executive and, but rejected accusations of political favoritism.
CZ Rejects Kyrgyz Bank Rumors
Binance co-founder Changpeng “CZ” Zhao denied reports suggesting he played a role in creating a new crypto-friendly private bank in Kyrgyzstan. The rumors surfaced after Kyrgyz President Sadyr Japarov claimed in an interview with Kabar News that Zhao visited the country in May and proposed establishing a cooperative effort to launch a private bank that deals in cryptocurrency. Japarov explained that while he initially wanted the venture to be state-owned, Zhao allegedly preferred a private model, which he said led to the creation of Bereket Bank.
Zhao, however, pushed back on those claims in an X post on Monday by saying the reports were inaccurate and that he had no involvement in any such proposal. “This isn’t correct. Not quite 4 FUD level, but still wrong. I never proposed creating a bank myself,” he wrote, adding that while he generally supports banks that work with cryptocurrency, he has “no interest in running one.”
X post from CZ
Zhao also clarified that he did not recognize the name of the bank mentioned by Japarov, and that his only statement on the matter was a broad wish to see more digital banks supporting crypto globally.
Despite distancing himself from the bank project, Zhao still maintained an active role in Kyrgyzstan’s growing crypto ecosystem. In April, he revealed that he was advising the Kyrgyz government on blockchain and crypto regulation after signing a memorandum of understanding with the country’s foreign investment agency. Since then, he has been involved in several national initiatives that were designed to expand crypto adoption.
One of the biggest developments came in October, when Kyrgyzstan introduced a new stablecoin pegged 1:1 to the Kyrgyzstani som. Zhao said at the time that the stablecoin would operate on the BNB Chain and that Binance’s native token, BNB, could form part of the country’s crypto reserves if the project gains traction. He also confirmed that Kyrgyzstan is working with Binance Academy to integrate blockchain education into 10 leading universities and to localize the Binance app across the country as part of a plant to make Kyrgyzstan a regional hub for regulated digital finance.
Trump Defends CZ Pardon
In other CZ-related news, US President Donald Trump recently defended his decision to pardon the Binance co-founder. Trump acknowledged that he does not personally know the crypto executive and , and dismissed accusations that the move was politically motivated.
During an interview on CBS News’ 60 Minutes on Sunday, Trump reiterated his previous claim that he had no personal relationship with Zhao, stating, “OK, are you ready? I don’t know who he is.” He added that he believed the prosecution against CZ was part of what he called a “Biden witch hunt.”
Trump’s comments were made amid ongoing scrutiny surrounding the pardon, which attracted criticism over potential conflicts of interest linked to Binance’s ties with ventures associated with the Trump family. When pressed by CBS anchor Norah O’Donnell about reports suggesting Binance facilitated a $2 billion stablecoin purchase tied to Trump-backed World Liberty Financial (WLFI) ahead of the pardon, Trump denied any involvement. “Well, here’s the thing, I know nothing about it because I’m too busy doing the other,” he said.
When O’Donnell reminded him that Zhao received a presidential pardon, Trump responded, “Norah, I can only tell you this — my sons are into it. And I’m glad they are, because it’s probably a great industry, crypto. I think it’s good. You know, they’re running a business; they’re not in government [...] I’m proud of them, I’m focused on this.”
CZ
The president maintained that his decision was based on principle rather than personal or political interests, and described Zhao as “a victim of weaponization by the government” and accused the Biden administration of corruption. Trump added that his primary goal is to “make crypto great for America,” and praised the sector’s growth. He also claimed the United States is leading the world in digital assets.
He concluded by warning that aggressive government actions against the industry could stifle innovation, saying, “If you go after people, you’re going to kill that industry, and that would be very bad.”
