Solana Expands China Reach as CZ Praises BNB Chain's Hesitation
Key Summary
Solana has opened a China office and promoted its brand on Shanghai's skyline, a move that has caught the attention of Binance founder Changpeng Zhao, who praises BNB Chain's hesitation to do the same. Mainland China has banned crypto trading since 2021, but Solana's move may indicate a room for foreign blockchains in the country.
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Solana Expands China Reach
Solana has opened a new office in Shanghai and is promoting its brand on the city's skyline. The move has caught the attention of Binance founder Changpeng Zhao, who praises BNB Chain's hesitation to do the same.
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Background
Mainland China has banned crypto trading since 2021, but Solana's move may indicate a room for foreign blockchains in the country. The ban targets crypto trading, token sales, and exchange services, but it does not cover blockchain technology itself.
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CZ's Response
CZ welcomed Solana's move but noted that BNB Chain, the blockchain Binance incubated, has not achieved the same. He hopes that what's good for one industry player is also good for the rest.
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Implications
Solana's China office and promotion on the city's skyline may indicate a room for foreign blockchains in the country. Whether Solana's China office lasts and whether BNB Chain follows will show how much room the ban leaves for foreign blockchains.