
PBOC official cites unauthorized promotional activities and illegal financial services as reasons for the disruption
AI-generated summary
China has maintained strict restrictions on cryptocurrency trading and related financial activities. The PBOC recently reinforced bans on unauthorized yuan-pegged stablecoins.
Chinese authorities halted the Solana Accelerate event in Shanghai over alleged unauthorized promotional activities involving domestic entities, China’s state-backed Financial News reported on Friday.
The outlet cited an unidentified official from a department of the People’s Bank of China (PBOC), who said Solana had promoted its brand through domestic entities, including by placing advertisements on a building in Shanghai’s Lujiazui financial district.
The official also claimed that Solana provides technical services supporting the issuance and trading of cryptocurrencies, which he described as illegal financial activities under Chinese regulations.
It marked the second reported disruption of a Solana event in mainland China in the past two years, highlighting how the country’s restrictions extend beyond digital asset trading. An October 2025 Solana event in Shenzhen was also cut short over venue capacity and public-safety concerns, according to an X announcement by Solana’s Chinese-speaking community.
In an Oct. 16 X post, Solana Foundation president Lily Liu said organizers postponed the Shanghai event to “comply with local requirements” after an event registration unexpectedly quadrupled, exceeding the event cap pre-registered with local authorities.
In a February notice, the PBOC and several other agencies doubled down on crypto-related restrictions and included a new ban on the unauthorized issuance of yuan-pegged stablecoins.

Bitcoin held above $75,000 on Friday as a tech stock sell-off spread to Asia, triggering a trading halt in South Korea's KOSPI. Analysts attributed the Wall Street rout to fears of tighter US AI regulation following election results.

Greece's parliament passed legislation imposing a 10% tax on cryptocurrency gains starting January 1, 2027. The bill also levies a 15% tax on staking and lending income while exempting annual gains under 500 euros.

South Korean crypto exchange GOPAX suspended trading, deposits, and standard withdrawals following a hack threat email. The exchange plans to transfer assets to offline wallets, adhering to regulatory recommendations after recent security concerns.

The US Treasury bought back $6 billion of older government bonds on Nov. 4, but 98% went to just two securities, leaving dealers holding other bonds they hoped to sell. Dealers want more frequent operations and per-security limits to spread purchases more broadly.

The S&P 500 fell up to 3.8% on Thursday, erasing Wednesday's post-election rally less than 24 hours after President Trump celebrated record highs and Americans' 401(k)s going "through the roof." Technology stocks led the decline, with Nvidia down over 6% and the semiconductor index down nearly 11%, as investors worried about Democratic oversight of AI infrastructure. Bitcoin fell below $76,000 with $428 million in leveraged crypto longs liquidated. The market remains above the first circuit breaker threshold of a 7% decline.

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