China central bank targets Solana over Shanghai advertising and canceled event
Regulators said 4 local companies and individuals will be investigated after branding on Citigroup Tower was deemed prohibited cryptocurrency promotion.
- On Friday, Chinese authorities halted the Solana Accelerate event in Shanghai over alleged unauthorized promotional activities. Financial News reported that a People's Bank of China official confirmed the intervention, citing violations of domestic financial regulations.
- Regulations introduced in February by the PBOC and seven government agencies prohibit unauthorized cryptocurrency trading and token issuance. Rules restrict domestic intermediaries from assisting overseas platforms providing services to mainland customers.
- Regulators identified unauthorized brand advertisements on Citigroup Tower in Shanghai's Lujiazui district. The official argued Solana's infrastructure supports issuance and trading of Tether's USDT stablecoin, constituting illegal financial activity under Chinese law.
- Authorities are investigating domestic entities and individuals connected to the promotional activities. This enforcement follows a broader October crackdown on digital assets used in illicit financial activities, targeting China-based entities affiliated with overseas platforms.
- Solana Foundation President Lily Liu previously attributed the postponement to venue capacity, stating organizers would 'comply with local requirements.' Changpeng Zhao questioned whether organizers understood local policies, citing a similar Shenzhen disruption.
19 Articles
19 Articles
China central bank targets Solana over Shanghai advertising and canceled event
China’s central bank has confirmed that authorities halted a Solana promotional event in Shanghai and will investigate local entities and individuals involved in the blockchain network’s marketing activities. According to an exclusive report by China’s Financial Times, an official from…
🚨 China intervened in Solana's promotional tour in Shanghai. 📍 Authorities launched an investigation into local supporters following a SOL advertisement in the financial center on October 14. 📅 The People's Bank of China announced on November 6 that it considered the $SOL promotion to be in violation of the February 2026 regulations. Read more: China intervenes in Solana's Shanghai...
The Chinese authorities confirmed that they stopped Solana Accelerate China 2026 in Shanghai before it started, after regulators detected promotional activities related to local entities. An official of the People’s Bank of China pointed out that Solana had promoted its brand through third parties within the country, including an exhibition at the Citigroup ... Read more
The Chinese central bank has confirmed that it has had several events organised around Solana cancelled, after the broadcast of an advertising campaign in Shanghai. Beijing also announces an investigation targeting the companies and the people involved, against the background of the hardening of its policy against cryptocurrency. The article Solana in the sights of China: the central bank opens an investigation appeared first on Cryptoast.
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