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China's central bank confirms it halted Solana's Shanghai event over crypto promotion
The People's Bank of China said Solana's Shanghai advertising broke crypto rules and that local entities and individuals face investigation.
Key takeaways
- Official reason. The People's Bank of China said Solana's brand advertising in Shanghai counted as prohibited cryptocurrency promotion.
- Who is affected. Domestic entities and individuals tied to the marketing will be investigated, though no names or penalties were disclosed.
- Event status. The October 16 Shanghai session of Solana Accelerate China 2026 remains postponed with no replacement date announced.
What happened
China's central bank has confirmed that regulators stopped a Solana promotional event in Shanghai and said it will investigate the domestic companies and individuals behind the blockchain network's marketing in the country. A People's Bank of China official, in a report published by China's Financial Times and cited by Crypto.news and CoinGape, said the campaign included a large display on the exterior of Citigroup Tower in Shanghai's Lujiazui financial district.
The official characterized the advertising as promotion of cryptocurrency, which is barred under rules already in force. The central bank then coordinated with local financial regulators, police and market supervision authorities to halt the planned Solana Accelerate China 2026 event. The official did not identify any of the entities involved and did not announce penalties.
The Shanghai session had been scheduled for October 16 as part of a series of gatherings planned for Shanghai, Hangzhou, Shenzhen and Beijing between October 16 and 22, covering blockchain infrastructure, artificial intelligence and payments. Attendees were unable to enter the venue, and law enforcement officers were reported to be present at the time. No new date for the event has been announced.
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Why it matters
The central bank's comments provide an official explanation for a disruption that organizers had initially described as a logistics and capacity problem, and they show that Beijing treats brand marketing for a public blockchain as part of the crypto business it restricts rather than as ordinary technology promotion. The official described Solana as a major cryptocurrency issuance platform and said its SOL token falls within China's definition of virtual currency. The official also argued that Solana's infrastructure supports the issuance and trading of other tokens, including Tether's USDT, placing those services inside the activities Chinese regulations prohibit.
The case also signals that enforcement is aimed at the local partners and staff of overseas crypto businesses, not only at exchanges operating abroad. The central bank said it intends to step up action against domestic cryptocurrency dealers and China-based entities connected to foreign issuance and trading platforms.
Background
China's restrictions have tightened in stages. In 2013, the central bank and other agencies said Bitcoin could not circulate as legal currency. Further measures followed in 2021, and in February 2026 the People's Bank of China and seven other government departments issued a joint notice reaffirming that Bitcoin, Ethereum, stablecoins and other virtual currencies do not share the legal status of the sovereign currency. That notice prohibited unauthorized crypto trading, token issuance and related financial services on the mainland, and barred domestic companies and individuals from assisting overseas crypto businesses serving mainland customers.
The Solana Foundation gave a different account of the cancellation. Its president, Lily Liu, said in an October 16 post on X that registrations had quadrupled overnight after publicity for the event, exceeding the attendance cap organizers had registered with local authorities, and that the gathering would be postponed to comply with local requirements. Binance co-founder Changpeng Zhao questioned on X whether organizers understood local policy, noting a similar disruption at a Solana event in Shenzhen less than a year earlier, which CoinGape reported took place in October 2025 and ended with the final hackathon presentation canceled after police inquiries. CoinGape also noted that Zhao had praised Solana's mainland presence, including a Shanghai office and citywide advertising, a day before the cancellation.
What is still unclear
It is not public which companies or individuals are under investigation, what penalties, if any, may follow, or whether the inquiry extends to the Solana Foundation itself. It is also unclear whether the other stops on the China tour, in Hangzhou, Shenzhen and Beijing, will proceed, and whether a rescheduled Shanghai session will be permitted. The Solana Foundation has not publicly responded to the central bank's account.
What to watch
Watch for further statements from the People's Bank of China or local authorities naming entities or setting out penalties, and for any response from the Solana Foundation about the investigation or a new event date. Also watch whether the promised enforcement against domestic dealers and China-based affiliates of overseas crypto platforms produces visible actions beyond the Shanghai case.
Questions readers ask
Why did China stop the Solana Shanghai event?
A People's Bank of China official said Solana's promotional activities in Shanghai, including advertising in the Lujiazui financial district, amounted to cryptocurrency promotion, which Chinese regulations prohibit. Authorities halted the planned Solana Accelerate China 2026 session and opened an investigation into the domestic entities and individuals involved.
What did the Solana Foundation say about the cancellation?
Foundation president Lily Liu said registrations quadrupled overnight and exceeded the attendance cap filed with local authorities, and that the event was postponed to comply with local requirements. The central bank's account subsequently linked the stoppage to regulatory action.
Has a new date been announced?
No. Organizers said they would share a revised schedule once arrangements were confirmed, but no replacement date for the Shanghai event has been announced.
