- Chinese authorities halted Solana’s Shanghai advertising campaign and canceled planned Solana Accelerate China 2026 events shortly before they were due to begin.
- The People’s Bank of China said the promotion violated restrictions on virtual-currency-related activities and that agencies were preparing an investigation.
- Authorities plan to examine the organizations and individuals involved in the campaign.
Chinese authorities halted Solana’s outdoor advertising campaign in Shanghai and canceled its planned offline events shortly before they were due to begin. The People’s Bank of China said the promotion violated China’s restrictions on virtual-currency-related activities, while government agencies prepared to investigate the organizations and individuals involved.
The Chinese outlet Financial Times reported the intervention, citing the head of the relevant division of the People’s Bank of China.
According to the report, Solana placed an advertisement on the facade of Citigroup Tower in Shanghai’s Lujiazui business district. The platform also planned to hold a series of Solana Accelerate China 2026 events in Shanghai and other locations, but organizers canceled them following government intervention shortly before they were scheduled to start.
A People’s Bank of China representative said regulatory monitoring found that Solana was working through local companies to promote its brand on a large scale and conduct a marketing campaign related to virtual currencies.
The central bank, local financial regulators, police and market-supervision authorities halted the offline events. The agencies also plan to investigate the activities of the organizations and individuals involved.
The official described Solana as a platform for issuing virtual currencies and said its eponymous coin falls within that asset category. The network also provides technical services for issuing and trading other cryptocurrencies, including the USDT stablecoin, according to the official.
The People’s Bank of China believes those activities meet the definition of illegal financial activity and that Solana’s advertising and promotion violate existing restrictions. The official cited an inability to comply properly with know-your-customer and anti-money laundering requirements, as well as the risk of encouraging market speculation.
Authorities will focus on domestic cryptocurrency traders and structures connected to foreign platforms, the regulator’s representative said. The People’s Bank of China and other agencies intend to continue cracking down on such activities.
In July 2026, China proposed a framework for prosecuting money laundering conducted through cryptocurrency.
Source: Incrypted
