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. Summary China’s central bank confirmed that regulators halted Solana’s Shanghai event after the blockchain network promoted its brand through advertisements in the city’s financial district. The People’s Bank of China said Solana’s promotional activities violated existing cryptocurrency restrictions and plans to investigate the domestic entities and individuals involved. Binance co-founder Changpeng Zhao questioned whether Solana’s organizers understood local regulations, pointing to a similar event disruption in Shenzhen less than a year earlier. Solana Foundation President Lily Liu had attributed the postponement to a surge in registrations that exceeded the venue’s approved capacity, while Chinese authorities have now confirmed regulatory intervention. Chinese regulators plan to intensify enforcement against domestic cryptocurrency dealers and local entities connected to overseas crypto issuance and trading platforms. According to an exclusive report by China’s Financial Ti...