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Ex-Binance CEO Changpeng Zhao Advises Kyrgyzstan to Hold BTC, BNB as Reserve Assets

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  • Changpeng Zhao urged Kyrgyzstan to adopt BTC and BNB as national reserve assets.
  • Binance signed a deal to launch crypto payments and blockchain education in Kyrgyzstan.
  • Kyrgyzstan’s new law enables its central bank to issue a digital version of the som.

Binance co-founder and former CEO Changpeng Zhao has proposed that Bitcoin and Binance Coin (BNB) should be the basis of Kyrgyzstan’s planned national crypto reserve. Zhao posted the suggestion publicly via his official X account on May 5, pointing out that Bitcoin is scarce and that BNB has utility within the Binance ecosystem.

This recommendation follows Zhao’s recent collaboration with Kyrgyzstan’s National Investment Agency (NIA). He confirmed earlier this year that he now advises governments on crypto frameworks and blockchain technology. Zhao called his advisory work “extremely meaningful” and has previously accepted Kyrgyz President Sadyr Zhaparov’s invitation to join the National Crypto Committee.

Kyrgyzstan Deepens Crypto Engagement with Binance Partnership

One day before Zhao’s announcement, Binance signed a memorandum of understanding with Kyrgyzstan’s NIA to launch a crypto payments system using Binance Pay. The partnership also includes a blockchain education program in collaboration with Binance Academy to build crypto literacy in the region.

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Source: Sadyr Zhaparov

Binance CEO Richard Teng confirmed that the exchange has provided crypto reserve advisory services to various state administrations. The global rise in inflation rates and the popularity of digital finance have motivated Kyrgyzstan to become one of the multiple nations exploring crypto reserves as part of their strategic assets.

The Kyrgyz government appears committed to expanding its crypto ecosystem. On April 17, President Zhaparov signed legislation establishing a central bank digital currency (CBDC) pilot program. The new law designates the digital som as legal tender and grants full control of the rollout to the National Bank of the Kyrgyz Republic. The central bank will manage the testing, usage framework, and public launch, with a pilot version expected in 2025.

BNB and Bitcoin Touted as Key Reserve Assets

The foundation of CZ’s recommendation for Bitcoin and BNB in Kyrgyzstan’s crypto reserve is based on trustworthiness and utility. Bitcoin has become known as digital gold because it maintains a store of value due to its fixed supply and decentralized nature. Within Binance’s ecosystem, BNB provides utility that allows users to save on trading fees and execute smart contracts.

As of early May 2025, BNB’s trading volume is approximately $593, while Bitcoin trades above $94,000. According to Zhao, he currently holds about 94 million BNB tokens, about 64% of the circulating supply, which is presently valued at roughly $55 billion.

Kyrgyzstan’s authorities plan to create the Gold Dollar (USDKG) stablecoin supported by $500 million of state-held gold reserves while maintaining its U.S. dollar value. The Ministry of Finance has not publicly announced the initiative, although it represents progress toward implementing digital assets in the financial system.

Crypto Exchanges Should Halt Withdrawals Post-Hack, Binance Founder CZ Strongly Recommends

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  • CZ highlights securing private keys and backups as essential for crypto safety.
  • Binance invests heavily in security to protect user funds from sophisticated threats.
  • CZ recommends using trusted exchanges and proper backups to safeguard crypto assets.

The hack of cryptocurrency exchange Bybit by Lazarus Group of North Korea, which resulted in the theft of $1.4 billion worth of Ethereum, substantially heightened security concerns in the cryptocurrency industry. Binance founder Changpeng Zhao (CZ) expressed growing concern about the rising number of crypto breaches after Bybit suffered extensive theft from North Korean hackers.

Through his statements, CZ highlighted the requirement for secure measures within space and the necessity for prompt response and openness after an incident.

CZ’s Security Recommendations Amidst Crypto Breaches

Following the Bybit incident CZ utilized social media platforms to emphasize exchange protection against hacking events. CZ pointed out the alarming rise of multi-signature system exploitation in the recent Bybit hack alongside WazirX and Phemex. Hackers managed to manipulate multi-signature systems to permit unauthorized financial transactions. 

The vulnerabilities in these incidents affect the multi-signature “cold storage” systems, which were created to offer additional security for crypto assets. The researchers suggest hackers succeeded through server-side and device infiltrations despite different exchanges using different security providers.

Blockchain expert ZachXBT traced the Bybit hack to the North Korean Lazarus Group after finding wallet transaction trails connected to the Phemex exploit in January, which led to $85 million in losses. Arkham Intelligence also provided evidence that showed test transactions and transaction patterns leading to the breach.

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Source: ZachXBT

CZ has urged exchanges to pause withdrawals immediately after detecting a breach. According to the expert, this preemptive security procedure gives exchanges sufficient time to investigate attacks fully and fix security issues before they reenable operations. CZ drew from his own experience with the Binance hack in 2019 where pausing withdrawals helped them recover user confidence. 

Users deposited more money than they withdrew after Binance resumed operations following its initial withdrawal suspension. According to CZ, exchanges must dedicate sufficient time to securing their systems before reopening. Withdrawal suspensions function both to prevent additional financial losses and to safeguard investor assets over the long term.

Bybit’s Transparent Approach to the Crisis

Bybit CEO Ben Zhou openly disclosed the breach, and established users could rest assured that their internal Bybit systems would remain untouched. The Lazarus Group attacked Bybit’s Ethereum cold wallet however the platform managed to run its core operations and withdrawals without problems.

Zhou said the external security breach did not affect the internal systems, so withdrawal functions continued without interruption. Industry leaders, including CZ, supported Zhou’s decision to continue operations as normal throughout the crisis.

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Source: X

During the crisis, Zhou expressed gratitude toward Binance and other partners for demonstrating their combined defense against threats and solid financial position even after the major attack.