China's central bank has confirmed that authorities halted a Solana promotional event in Shanghai. It says the network's advertising broke the country's cryptocurrency rules, and it plans to investigate the local entities and individuals involved.
An official from the People's Bank of China said regulators found that Solana had worked with domestic entities to advertise its brand, including a display on the exterior of Citigroup Tower in Shanghai's Lujiazui financial district. The official called the campaign cryptocurrency promotion, which China's existing regulations prohibit.
The central bank then coordinated with local financial regulators, police and market supervision authorities to stop the planned Solana Accelerate China 2026 event. The official did not name specific entities or announce any penalties.
Solana's Shanghai event was suspended on October 16
The Solana Foundation had scheduled gatherings in Shanghai, Hangzhou, Shenzhen and Beijing between October 16 and 22. The Shanghai event was suspended on October 16 after attendees struggled to enter the venue, and reports at the time suggested several law enforcement officers were present.
Solana Foundation President Lily Liu gave a different explanation. She said in an X post that registrations had quadrupled overnight and far exceeded the event cap registered with local authorities.
Binance co-founder Changpeng Zhao questioned whether the organizers knew China's rules. According to Zhao on X: "Sad to see. Looks like they really didn't know the local policies?" He pointed to a similar disruption involving a Solana event in Shenzhen less than a year earlier.
Why the central bank treats the promotion as a violation
The 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 the network supports the issuance and trading of other cryptocurrencies, including Tether's USDT stablecoin.
On that basis, authorities consider promoting Solana's brand a violation of the country's February 2026 regulatory notice. The People's Bank of China and seven other government agencies issued that notice jointly.
The official maintained that cryptocurrencies currently cannot adequately satisfy customer identification and anti-money laundering requirements.
Enforcement will target domestic dealers
The official said regulators will work with local governments and other departments to pursue cryptocurrency-related businesses operating within mainland China. The effort will specifically target domestic cryptocurrency dealers and China-based entities affiliated with overseas issuance and trading platforms.
Source: crypto.news
Trading involves risk.
Risk Disclaimer
