- China’s central bank stated that Solana’s advertising campaign in Shanghai breached current digital asset regulations and has initiated a probe into the domestic groups and individuals who took part.
- Regulators halted the Solana Accelerate China 2026 gathering on October 16, though the PBOC has not yet disclosed who is being investigated or what penalties might apply.
China’s central bank has verified that officials put a stop to a scheduled Solana gathering in Shanghai and will probe the firms and persons linked to marketing the blockchain ecosystem within the nation.
A representative for the People’s Bank of China (PBOC) reported on November 6 that Solana utilized local companies to market both its brand and its native SOL token. This promotional push featured an ad showcased on the outer wall of the Citigroup Tower located in the Lujiazui financial sector of Shanghai.
The Financial Times shared these statements. Based on their coverage, the PBOC collaborated with local market watchdogs, police, and financial regulators to halt the upcoming Solana Accelerate China 2026 gathering prior to its launch.
The central bank is set to examine the domestic parties and persons tied to these marketing efforts. Even so, the representative refrained from naming those under scrutiny or revealing any fines.
PBOC Cites February 2026 Cryptocurrency Restrictions
The official noted that Solana’s marketing efforts went against the nation’s current cryptocurrency guidelines. The PBOC views SOL as a digital currency and additionally highlighted how Solana’s blockchain network backs the creation and exchange of other virtual assets, such as Tether’s USDT stablecoin.
The central bank referenced a regulatory directive released in February 2026 by eight Chinese state agencies. This directive labels cryptocurrency business ventures as unlawful financial operations across mainland China. Furthermore, it bars internet firms from offering advertising, marketing, commercial displays, and additional promotional support for virtual currency-focused operations.
The Solana gathering in Shanghai had been planned for October 16 at the Shangri-La Hotel. Initially, planners informed participants that the meeting was delayed due to last-minute venue arrangements.
Later on, Solana Foundation President Lily Liu stated that sign-ups multiplied by four overnight following media attention around the function, surpassing the attendee limits filed with regional officials. She pointed to venue capacity worries and regional rules as the drivers behind the delay.
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
However, the recent remarks from the PBOC establish that regulatory oversight bodies stepped in to shut down the meeting.
China has kept bans in place regarding digital asset trading and related monetary offerings since 2021. The November 6 disclosure does not roll out a fresh countrywide prohibition targeting Solana. Rather, it points to stricter policing targeting domestic virtual currency enterprises and local groups tied to international platforms.
Frequently Asked Questions
Why was the Solana Accelerate China 2026 event stopped?
Although organizers initially cited crowd control and venue logistics after registrations quadrupled, the People’s Bank of China confirmed that regulatory authorities intervened because the promotional campaign violated domestic cryptocurrency rules.
What regulations did Solana’s promotion violate?
The PBOC cited a regulatory notice issued in February 2026 by eight Chinese government agencies, which classifies cryptocurrency-related business activities as illegal financial activities and prohibits internet companies from providing promotional services for virtual currencies.
Are penalties being announced against Solana?
As of the November 6 announcement, the PBOC has not identified the specific domestic entities and individuals under investigation, nor has it announced any penalties.
Is there a new nationwide ban on Solana in China?
No. The announcement does not introduce a new nationwide ban on Solana, but rather signifies heightened enforcement against domestic cryptocurrency businesses and local entities connected to overseas platforms, building on restrictions in place since 2021.
