The dispute between Changpeng Zhao, a leading figure in the cryptocurrency market, and Solana began after the Solana Foundation’s promotional activities in Shanghai, China. While Solana’s opening of a new office in the city and the placement of advertisements on skyscrapers attracted attention, CZ initially stated that he viewed these developments positively.
In his initial post, Zhao stated that it was surprising that Solana was able to advertise and open an office in China, noting that BNB Chain had not yet achieved similar success. The Binance founder expressed hope that the progress made by one blockchain project would also benefit the rest of the industry.
However, news that Solana’s planned event in Shanghai had been postponed and the advertisements removed sparked debate on social media.
Social media posts regarding the event planned at the Shangri-La Hotel in Shanghai claimed that approximately 8-9 security personnel were present in the area and that participants were prevented from entering for more than an hour.
Following this, CZ questioned whether the Solana organizers were sufficiently aware of local regulations in China. Zhao’s remarks, which also mentioned a similar incident last year, were interpreted by some social media users as a negative attitude towards Solana.
CZ: “I wasn’t responsible for Solana’s ads being taken down”
Following increasing criticism, Zhao issued a new statement defending himself, saying he had no animosity towards Solana.
CZ stated that he supports the progress of all blockchain projects, including Bitcoin (BTC), Ethereum (ETH), BNB, XRP, Solana (SOL), Hyperliquid (HYPE), Zcash (ZEC), SIGN, and stablecoins, and made the following remarks:
“I always support any blockchain project making progress in any country. I’m glad Solana was able to advertise and open an office in Shanghai. This could pave the way for other projects as well.”
Zhao also denied claims that the ad in China was removed because of his post, suggesting it had actually been taken down much earlier.
CZ stated that it turned out the Solana advertisement projected onto a building in Shanghai’s Bund area was removed in just 10 minutes. He emphasized that he himself saw the advertisement on X between 12 and 24 hours later.
Zhao argued that his post did not trigger the removal of the advertisement, pointing out that in China, speech and media activities are monitored in real time.
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Has China lifted its cryptocurrency ban?
One of the most noteworthy points in Zhao’s statement was his assessment of China’s regulations regarding the cryptocurrency sector.
CZ stated that Solana being able to advertise and open an office in Shanghai could create significant opportunities for other projects, and that this development could be interpreted as China lifting its cryptocurrency ban.
However, the Binance founder stated that it was clear this had not yet happened. Zhao added that he still appreciated Solana’s initiatives and that the projects should continue their development and adoption efforts.
On the other hand, Lily Liu, president of the Solana Foundation, stated in her explanation regarding the postponement of the Shanghai event that registration numbers quadrupled overnight following promotional activities. Liu indicated that they postponed the event to comply with regulations because the number of participants exceeded the limit reported to local authorities. Therefore, it is not certain that the postponement of the event was directly caused by cryptocurrency bans.
In China, restrictions on cryptocurrency trading and related financial services remain in place.
*This is not investment advice.
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