Central Bank Responds to Suspension of Solana Shanghai Event: Will Investigate Involved Parties

on November 6, according to the Financial Times, a relevant department head at the People's Bank of China responded to the suspension of Solana's ad placements and offline events in Shanghai by stating that the central bank has worked alongside relevant local financial regulatory, public security, and market oversight authorities to halt the activities, and will collaborate with competent departments to investigate the individuals and entities involved.

The official added that Solana conducted cryptocurrency marketing and brand promotion through domestic partner entities. By issuing the Solana token and providing technical services for the issuance and trading of major digital assets such as USDT, it engaged in illegal financial activities. Promoting or advertising Solana has already violated relevant regulations.

Moving forward, the People's Bank of China will coordinate with relevant departments and local governments, focusing on domestic cryptocurrency exchanges and domestic affiliates of overseas crypto issuance and trading platforms, to continue cracking down on cryptocurrency-related business operations within the country.