Here’s what happened after Solana’s advertising campaign and in-person events in Shanghai around October 16 were halted.
A relevant official from the People’s Bank of China said that the central bank had joined forces with local financial regulators, public security authorities, market regulators and other departments to halt Solana’s advertising campaign and in-person events in Shanghai, and would investigate the organizations and individuals involved.
The reason was that Solana had promoted its brand and marketed virtual currencies through a domestic company, in violation of relevant regulations.
Many overseas public blockchain networks, exchanges and Web3 projects have long carried out brand promotion, community operations and in-person events in China, even though they do not directly conduct trading business there.
It now seems that the compliance risks of these activities cannot be ignored either.
Overseas crypto projects may have to think twice before marketing or holding events in China from now on.
A relevant official from the People’s Bank of China said that the central bank had joined forces with local financial regulators, public security authorities, market regulators and other departments to halt Solana’s advertising campaign and in-person events in Shanghai, and would investigate the organizations and individuals involved.
The reason was that Solana had promoted its brand and marketed virtual currencies through a domestic company, in violation of relevant regulations.
Many overseas public blockchain networks, exchanges and Web3 projects have long carried out brand promotion, community operations and in-person events in China, even though they do not directly conduct trading business there.
It now seems that the compliance risks of these activities cannot be ignored either.
Overseas crypto projects may have to think twice before marketing or holding events in China from now on.