China's Central Bank Acts Against Solana's Promotional Activities in Shanghai

China's Central Bank Halts Solana Promotional Event

In a significant regulatory move, China’s central bank has announced the cessation of a Solana promotional event that was scheduled to take place in Shanghai, prompting an investigation into local businesses and individuals involved with the marketing of the blockchain platform. This decision comes after regulators at the People’s Bank of China (PBoC) uncovered that Solana had collaborated with several domestic entities to promote its brand, including a conspicuous advertisement displayed on the Citigroup Tower located in the Lujiazui financial district of Shanghai.

Regulatory Actions and Event Suspension

An official from the PBoC asserted that such advertising constitutes cryptocurrency promotion, which is prohibited under current Chinese law. Consequently, in coordination with local financial authorities, police, and market supervision agencies, they moved to halt the Solana Accelerate China 2026 event, which was set to be held between October 16 and 22 across major cities such as Shanghai, Hangzhou, Shenzhen, and Beijing. The agenda included discussions on blockchain infrastructure, artificial intelligence, and various payment applications.

On the opening day of the event, attendees faced difficulties entering the venue, leading to a sudden suspension that left many participants stranded outside while law enforcement was present. The organizers initially described this disruption as a logistical challenge and promised that further information would follow regarding a revised schedule.

Reactions from Industry Leaders

Changpeng Zhao, co-founder of Binance, expressed skepticism regarding the planners’ awareness of China's stringent cryptocurrency regulations while referencing a similar prior incident in Shenzhen involving Solana. In contrast, Solana Foundation President Lily Liu attributed the event’s cancellation to an unexpectedly high volume of registrations, claiming that interest had quadrupled overnight due to promotional activities. She noted that this surge exceeded the capacity limits approved by local authorities, necessitating the postponement to ensure compliance with regulations.

Regulatory Framework and Implications

The PBoC’s intervention has shed light on the rationale behind the event's cancellation, linking it directly to regulatory frameworks governing cryptocurrency promotion in the country. Describing Solana as a major player in cryptocurrency issuance, the official indicated that the platform's SOL token qualifies as a virtual currency under Chinese law. Furthermore, Solana facilitates the issuance and trading of other cryptocurrencies, which falls under the prohibition imposed by regulatory measures enacted in February 2026.

These regulations, which were introduced by the PBoC alongside seven other government departments, reaffirmed that Bitcoin, Ethereum, stablecoins, and any other virtual currencies do not enjoy the same legal standing as the Chinese yuan. Additionally, they banned unauthorized cryptocurrency trading, token issuance, and associated financial services, which involves restricting local entities from aiding foreign cryptocurrency platforms that offer services to customers in mainland China. The updated framework specifies that unauthorized yuan-pegged stablecoins and certain real-estate tokenization are also subject to limitations.

Challenges and Future Outlook

The central bank highlighted the ongoing challenges cryptocurrencies face regarding customer identification and anti-money laundering standards, with the trading activities often leading to speculative market behavior. Regulatory attitudes towards cryptocurrencies in China have evolved significantly over the past decade, beginning with a 2013 announcement that Bitcoin would not be recognized as legal tender, and most recently tightening restrictions in 2021 that labeled cryptocurrency trading as an illegal financial operation. The February 2026 notice reiterated this stance while expanding scrutiny of local intermediaries assisting foreign platforms targeting Chinese consumers.

This crackdown is part of a broader trend, as seen in recent calls for stringent measures to combat the use of digital assets in illicit activities and corruption. The central bank emphasized that it would collaborate with local governments to target cryptocurrency businesses that operate within mainland China, particularly those with connections to international trading and issuance platforms.