The People’s Bank of China (the central bank) confirmed that it has opened a formal investigation into the activities of the Solana network and its promotional campaigns in mainland China, following the suspension of a major company event in Shanghai. This move comes as Beijing tightens its regulatory grip and reaffirms its strict ban on digital asset activities.

Details of the incident and investigation

• Shanghai event suspended. Police and regulatory authorities intervened to stop the “Solana Accelerate China 2026” conference on October 16, shortly before it was due to open, despite Solana attributing the postponement to logistical reasons.
• Outdoor advertisements spark scrutiny. The display of large Solana promotional advertisements on the facade of the Citigroup Tower in Shanghai’s Lujiazui financial district caught the authorities’ attention, as they deemed it a direct violation of laws banning cryptocurrency promotion.
• Scope of the investigation. The central bank’s investigation is focused on the local companies and individuals who organized and funded the advertising campaigns and operated promotional offices on Solana’s behalf in China$BARD
$PLAY
$SOL
#HuangExitNvidiaStrategyInFocus #AnthropicRejectsIPODelayValuationinQuestion #ChipStocksExtendLossesAfterNvidiaCEOChange #MSCIRemovalMayCurbStrategy’sBitcoinBuying #TradFiForBeginners