Overview
- Local reports say officers conducted an on-site inquiry into overcapacity at the Solana Accelerate APAC gathering in Shenzhen.
- Organizers said the venue exceeded limits and called off the closing hackathon for public safety.
- Attendees and online commentators worried the intervention signaled broader scrutiny of token activity on the mainland following fresh PBOC warnings.
- PBOC Governor Pan Gongsheng said stablecoins fall short on compliance, identity verification, and anti-money-laundering standards.
- SOL fell about 2.2% to trade below $200 during coverage, even as Hong Kong’s SFC approved ChinaAMC’s spot Solana ETF.