China’s central bank says Solana’s Shanghai event was stopped over illegal crypto promotion

The People’s Bank of China said it disrupted Solana’s mid-October event in Shanghai because promoters engaged in illegal virtual-currency marketing, and it said the firms and individuals behind the promotion are under investigation. A PBOC official, quoted by the central bank-run Financial News, said Solana’s SOL token is a virtual currency and the network supports tokens such as Tether’s USDT, making the marketing illegal. The official said local financial regulators, public security and market-supervision authorities joined the action. Organizers had emailed attendees on October 16 to postpone the event, citing venue logistics; Solana Foundation President Lily Liu said registrations had quadrupled overnight.