Key Highlights
- China’s central bank confirmed on November 6, 2026, that it opened a probe into Solana’s promotional activities in Shanghai, declaring the network’s brand advertising illegal under existing virtual currency rules, including ads displayed on the exterior wall of the Citigroup Tower in Lujiazui.
- The PBOC, working with local financial, public security, and market regulation departments, halted the four-city Solana Accelerate China 2026 developer tour before it began, citing a February 2026 notice from eight government departments banning virtual currency marketing and related venue services for overseas projects.
- Enforcement will focus on the domestic units and individuals involved in the advertising and event organization, with the PBOC prioritizing domestic virtual currency traders and China-based affiliates of overseas platforms as part of China’s continued crackdown since its 2021 crypto trading ban.
China’s central bank has opened a probe into Solana’s promotional activities in Shanghai, declaring the blockchain network’s brand advertising illegal under existing rules on virtual currencies. A People’s Bank of China official confirmed the action on November 6, 2026.
The statement followed reports that authorities halted Solana’s planned offline events and examined related marketing. The Chinese Financial Times, a newspaper linked to the PBOC, carried the official comments.
Details of the Shanghai Advertisement
According to the PBOC official, Solana promoted its brand through domestic entities. This included advertisements displayed on the exterior wall of the Citigroup Tower in Lujiazui, Shanghai‘s primary financial district. Officials viewed the campaign as virtual currency marketing and brand promotion.
SOL was described as essentially a virtual currency. Solana was also noted for providing technical services supporting the issuance and trading of assets such as USDT. Both activities fall under categories defined as illegal financial activities in Chinese regulations.
Four-City Tour Stopped Before It Started
The central bank, working with local financial management, public security, and market regulation departments, stopped the Solana Accelerate China 2026 offline events before they began. The planned four-city developer tour was scheduled for Shanghai on October 16, Hangzhou on October 18, Shenzhen on October 20, and Beijing on October 22.
The programme had focused on blockchain infrastructure, artificial intelligence agents, robotics, and developer tools rather than token trading. Earlier reports in mid-October indicated that the Shanghai session faced last-minute interruptions, with police present at the venue and organizers citing logistical issues.
Why Beijing Says the Campaign Broke the Rules
The official cited a February 2026 notice issued by eight government departments. That notice bans virtual-currency marketing and related venue services for overseas projects. Promoting Solana was deemed a direct violation of those rules.
Virtual currencies were said to fall short of requirements for customer identity verification and anti-money laundering controls. Officials also pointed to risks of market speculation.
The PBOC stated it will investigate the domestic units and individuals involved in the advertising and event organization. Going forward, enforcement will prioritise domestic virtual currency traders and the China-based affiliates of overseas issuance and trading platforms. The goal is to maintain economic and financial order.
China has maintained a broad ban on cryptocurrency trading and related services since 2021. The February 2026 measures expanded restrictions further, covering stablecoin activities and certain tokenization efforts.
Solana’s China Strategy Under Scrutiny
In mid-October 2026, Solana publicly highlighted a new office in Shanghai and displayed prominent branding on the Citigroup Tower. The network positioned the efforts around technology and developer engagement rather than trading. The high-visibility advertising drew attention across Chinese social platforms and crypto communities before regulatory intervention.
No immediate public response from the Solana Foundation was detailed in the official Chinese reports. The probe underscores continued strict oversight of any activity that authorities interpret as promoting virtual currencies inside mainland China.
Authorities indicated the crackdown will continue in coordination with local governments and other departments. The case centres on the use of domestic partners for advertising and event hosting that regulators classified as prohibited marketing.
