PBOC halts Solana Shanghai event and opens marketing probe
CIE News ·
Based on reporting by crypto.news; not yet independently confirmed.
China's central bank confirmed it halted the Solana Accelerate China 2026 event in Shanghai over illegal crypto promotion and is investigating local marketing partners.
The People’s Bank of China confirmed it intervened to stop the planned Solana Accelerate China 2026 gathering in Shanghai, according to a report by crypto.news citing an official statement. Authorities coordinated with local police and market regulators after determining that promotional campaigns, including an advertisement on the Citigroup Tower in Shanghai, violated China's restrictions on marketing virtual currencies.
The central bank official classified the native SOL token as a virtual currency and noted that the network supports trading and issuance for assets like Tether's USDT. While Solana Foundation President Lily Liu previously stated on October 16 that the event was postponed because registrations quadrupled and exceeded venue limits, the PBOC clarified the shutdown was an official regulatory enforcement action.
Regulators are now investigating domestic marketing partners and individuals tied to the network's promotional activities in China. No specific entities or formal penalties have been announced by authorities.
Key facts
- Event halted in Shanghai
- PBOC probe into promoters
- SOL classified virtual currency
- Ad on Citigroup Tower targeted
Read the original at crypto.news