The People’s Bank of China (PBOC) has confirmed that Chinese regulators halted a Solana promotional event in Shanghai and will investigate local entities and individuals connected to the blockchain network’s marketing activities. The intervention followed the discovery that Solana had worked with domestic entities to advertise its brand, including a prominent display on the exterior of Citigroup Tower in Shanghai’s Lujiazui financial district.
According to an exclusive report by China’s Financial Times, a PBOC official said the advertising campaign amounted to cryptocurrency promotion, which is prohibited under China’s existing regulations. The central bank coordinated with local financial regulators, police, and market supervision authorities to stop the planned Solana Accelerate China 2026 event. Authorities intend to investigate the companies and individuals involved, although no specific entities or penalties have been announced.
The Solana Foundation had scheduled gatherings across Shanghai, Hangzhou, Shenzhen, and Beijing between October 16 and 22, with discussions planned around blockchain infrastructure, artificial intelligence, payments, and other applications. The Shanghai event was abruptly suspended on October 16 after attendees encountered difficulties entering the venue, with reports suggesting law enforcement officers were present.
Following the cancellation, Binance co-founder Changpeng Zhao questioned whether organizers understood China’s cryptocurrency regulations, referencing a similar disruption involving a Solana event in Shenzhen less than a year earlier. Solana Foundation President Lily Liu initially attributed the postponement to a surge in registrations that exceeded the venue’s approved capacity, but the central bank’s latest comments provide an official explanation linking the cancellation to regulatory action.
The PBOC official described Solana as a major cryptocurrency issuance platform and said its native SOL token falls within China’s definition of virtual currency. The official also argued that Solana’s blockchain infrastructure supports the issuance and trading of other cryptocurrencies, including Tether’s USDT stablecoin, placing those services within activities restricted by Chinese regulations.
China’s February 2026 regulatory notice, introduced jointly by the PBOC and seven other government agencies, reaffirmed that Bitcoin, Ethereum, stablecoins, and other virtual currencies do not have the same legal status as China’s sovereign currency. It prohibited unauthorized cryptocurrency trading, token issuance, and related financial services within mainland China, and restricted domestic companies and individuals from assisting overseas cryptocurrency businesses that illegally provide services to mainland customers.
The central bank plans to intensify enforcement against domestic cryptocurrency dealers and China-based entities connected to overseas crypto issuance and trading platforms. This latest action extends China’s decade-long regulatory tightening, which began with restrictions on Bitcoin in 2013 and escalated in 2021 with the identification of cryptocurrency trading and related services as illegal financial activities.
