People's Bank of China Responds to Halted Solana Event in Shanghai: Will Investigate Parties Involved

TechFlow reports that on November 6, according to the Financial Times, a relevant department head of the People's Bank of China responded to the halting of Solana's advertising and offline exchange activities in Shanghai, saying that the PBOC, together with local financial management, public security, market supervision, and other relevant departments, had stopped the activities and would coordinate with relevant authorities to investigate the entities and individuals involved.

The official stated that Solana placed advertisements and promoted its brand through domestic entities to conduct marketing and promotion of virtual currencies. Its issuance of the Solana token and provision of technical services for the issuance and trading of major virtual currencies such as USDT constitute illegal financial activities, and the promotion of Solana has violated relevant regulations.

Going forward, the PBOC will continue to crack down on domestic virtual currency-related business activities, focusing on domestic virtual currency dealers and domestic affiliated entities of offshore virtual currency issuance and trading platforms.

Source: TechFlow