Binance Founder Backs Solana and XRP Following Shanghai Event Disruption
Binance founder Changpeng Zhao reiterated his support for blockchain expansion and major digital assets following controversy around a disrupted Solana (COINBASE:SOLUSD) promotional campaign in China. A planned Solana Foundation event at Shanghai's Shangri-La Hotel on October 16 was postponed when attendees encountered local law enforcement. Organizers cited logistical issues, while Solana Foundation President Lily Liu stated that registrations unexpectedly quadrupled beyond what had been filed with local authorities. A city advertisement for Solana was also removed shortly after appearing.
Zhao had earlier suggested that Solana's physical presence and advertising in Shanghai could signal a shift in China's strict cryptocurrency restrictions. Following online speculation that his social media posts drew authority attention to the campaign, Zhao denied any involvement, noting he only learned of the advertisement half a day or more after its removal. He affirmed his broader support for adoption on all networks, highlighting Bitcoin (BITSTAMP:BTCUSD), Ethereum (BITSTAMP:ETHUSD), XRP, and Zcash alongside Solana.
Investors will be monitoring whether western crypto projects encounter further regulatory resistance during promotional efforts in restricted markets. Market participants are also tracking how digital assets perform amid international regulatory scrutiny, with Solana trading at 104.2 USD.
Key points
- A promotional event for Solana in Shanghai was postponed after attendees met law enforcement and filings were exceeded.
- A prominent advertisement for Solana in Shanghai was reportedly taken down within ten minutes of display.
- Binance founder Changpeng Zhao denied speculation that his social media posts caused local authorities to intervene.
- Zhao reaffirmed support for global blockchain adoption across assets including Bitcoin, Ethereum, XRP, and Zcash.
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How we writeDisclaimerQuestions and answers
Why was the Solana Shanghai event postponed?
The event was postponed due to logistical challenges after attendee registrations unexpectedly spiked to four times the number officially filed with local authorities, leading to law enforcement intervention.
Did CZ cause the Solana ad removal in China?
No, Changpeng Zhao denied responsibility for the ad removal, stating he only learned about the Shanghai advertisement 12 to 24 hours after it had already been taken down.
Which cryptocurrencies does CZ support?
Changpeng Zhao expressed support for general blockchain adoption, highlighting assets including Bitcoin, Ethereum, BNB, XRP, Solana, Zcash, HYPE, SIGN, and stablecoins.