Solana: Advertising campaign in Shanghai triggers investigation in China

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The central bank indicates that it has coordinated its intervention with local financial regulators, the police and the market supervision administration. It announces investigations into the structures and people involved, without specifying at this stage the envisaged sanctions.

The shutdown of the Shanghai event is, however, nothing new. As early as October 16, the South China Morning Post and other media reported its cancellation at the last minute, even though police officers had been seen on site. A message sent to participants then mentioned a postponement for logistical considerations. The novelty lies in the confirmation of the intervention of the authorities and the announcement of investigations.

The cited official emphasizes that SOL is a cryptocurrency and that the network also provides technical services for the issuance and trading of other tokens, including USDT. According to his interpretation of the system, promoting Solana therefore constitutes an offense. The central bank announces that it will continue to target local trading players and Chinese entities linked to foreign platforms.

Hong Kong maintains a distinct setting. Its regime applicable to issuers of stablecoins backed by official currencies entered into force on August 1, 2025 and requires a license for the activities concerned. This controlled opening does not constitute authorization to promote these services in mainland China.

An editorial article. Le Journal du Coin, the first French-speaking news media on cryptocurrency, Bitcoin, and blockchain protocols.

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Machine-translated from French