China Takes Strong Action Against a Prominent Altcoin! “Work Halted!”
China, known for its strict restrictions on Bitcoin and altcoins, made headlines in mid-October with Solana’s activities in Shanghai.
While Solana’s opening an office and advertising campaigns in the city were being discussed in the market, this also caught the attention of Binance founder Changpeng Zhao (CZ).
In his post, CZ stated that he was surprised that Solana was able to run ads and open an office in China, and expressed hope that other altcoins would seize similar opportunities.
China Decides to Intervene!
According to the Financial Times, the People’s Bank of China has ruled that Solana’s promotional activities in China violated regulations and therefore its “Solana Accelerate China 2026” event was not permitted.
A People’s Bank of China official, speaking to the FT, said that Solana is essentially a cryptocurrency and that SOL also provides technical services for issuing and trading assets like USDT.
The official stated that promoting Solana constituted a violation of regulations issued by eight government agencies in February.
The official added that the People’s Bank of China will be investigating relevant entities and individuals in conjunction with local financial regulators, police, and market supervision agencies. He also stated that, as part of the regulations, they plan to increase oversight of businesses trading cryptocurrencies in the country and affiliated entities of foreign cryptocurrency platforms operating in China.
This story was originally published by Bitcoinsistemi. Read the original article.
