Solana’s Shanghai event halted over unauthorized promotion: Report

Solana’s promotional campaigns through domestic entities allegedly violated China’s crypto-related restrictions, an unidentified PBOC official told China’s Financial News.

Chinese authorities halted the Solana Accelerate event in Shanghai over alleged unauthorized promotional activities involving domestic entities, China’s state-backed Financial News reported on Friday.

The outlet cited an unidentified official from a department of the People’s Bank of China (PBOC), who said Solana had promoted its brand through domestic entities, including by placing advertisements on a building in Shanghai’s Lujiazui financial district.

The official also claimed that Solana provides technical services supporting the issuance and trading of cryptocurrencies, which he described as illegal financial activities under Chinese regulations.

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