- China’s central bank says Solana’s Shanghai advertising campaign violated existing cryptocurrency rules and has launched an investigation into the domestic parties involved.
- Authorities stopped the Solana Accelerate China 2026 event on October 16. The PBOC has not named those under investigation or announced penalties.
China’s central bank has confirmed that authorities stopped a planned Solana event in Shanghai and will investigate the companies and individuals involved in promoting the blockchain network in the country.
A People’s Bank of China (PBOC) official said on November 6 that Solana had used domestic companies to advertise its brand and native SOL token. The promotional campaign included an advertisement displayed on the exterior wall of Citigroup Tower in Shanghai’s Lujiazui financial district.
The comments were published by Financial Times. According to the report, the PBOC worked with local financial regulators, police and market supervision authorities to stop the planned Solana Accelerate China 2026 event before it began.
The central bank will now investigate the domestic entities and individuals connected to the promotional activities. However, the official did not identify the parties under investigation or announce any penalties.
PBOC Cites February 2026 Cryptocurrency Restrictions
The official said Solana’s promotional activities violated China’s existing cryptocurrency rules. The PBOC considers SOL a virtual currency and also pointed to Solana’s blockchain services supporting the issuance and trading of other digital assets, including Tether’s USDT stablecoin.
The central bank cited a regulatory notice issued in February 2026 by eight Chinese government agencies. The notice classifies cryptocurrency-related business activities as illegal financial activities in mainland China. It also prohibits internet companies from providing advertising, marketing, commercial display and other promotional services for virtual currency-related businesses.
Solana’s Shanghai event was scheduled for October 16 at the Shangri-La Hotel. Organizers initially told attendees that the gathering had been postponed because of last-minute venue logistics.
Solana Foundation President Lily Liu later said registrations had quadrupled overnight following publicity surrounding the event, exceeding the attendance limit registered with local authorities. She cited crowding concerns and local requirements as the reason for the postponement.
We put Solana on the big screen because that’s the big heart Solana has for the Chinese community, and that’s the warm welcome we are so thankful to feel from the Chinese community. Due to the publicity, event registrations quadrupled overnight, far exceeding the event cap we had registered with local authorities, and we had no way to prevent people from overwhelming the venue. So, in order to comply with local requirements, we are going to postpone this event for when we can better accommodate the breadth and scale of our community. Apologies to everyone who came from near and far to come be part of Solana in Shanghai. See you soon!
— Lily Liu (@calilyliu) October 16, 2026
The PBOC’s latest comments, however, confirm that regulatory authorities intervened to stop the gathering.
China has maintained restrictions on cryptocurrency trading and related financial services since 2021. The November 6 announcement does not introduce a new nationwide ban on Solana. Instead, it signals further enforcement against domestic cryptocurrency businesses and local entities connected to overseas platforms.
