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PBOC opens probe into Solana's Shanghai advertising campaign
China's central bank says it will investigate entities and individuals behind Solana's mainland promotions after halting offline events.
Key takeaways
- Regulatory focus. The PBOC is examining both entities and individuals linked to Solana's mainland marketing, according to Financial News.
- Events halted. Solana Accelerate China's first Shanghai event was stopped before it began; the foundation described it as postponed over capacity.
- Policy signal. The case suggests Beijing is not relaxing its ban on virtual currency business despite interest sparked by Solana's Shanghai office.
What happened
China's central bank has moved to investigate Solana's advertising campaign in Shanghai and related promotional activity on the mainland, according to reports in Bitcoin.com News, Blockonomi and ZyCrypto that cite Financial News, a PBOC-backed outlet. The reports say the inquiry will cover entities and individuals involved, not just the overseas project.
Solana had launched a marketing push around the opening of a Shanghai office and a planned Solana Accelerate China 2026 series in several mainland cities. The first Shanghai event was stopped shortly before it was due to begin. Solana Foundation president Lily Liu said the event was postponed because sign-ups exceeded the capacity registered with local authorities.
Financial News gave a different account. An unnamed PBOC official said the central bank had halted the offline events and would investigate those responsible. The official described Solana as a virtual currency issuance platform for its SOL token and said it also supplied technical services for issuing and trading major cryptocurrencies and stablecoins, including USDT. The PBOC classifies such activity as illegal financial activity under a February notice.
That notice, issued by the PBOC with other regulators, repeated the need for strict crypto oversight and extended the crackdown to onshore tokenisation of real-world assets. The official said promoting Solana in mainland China violated the rules. Financial News did not name the entities or individuals under investigation, and Blockonomi reported that Solana did not immediately respond to a request for comment.
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Why it matters
The case matters because it tests how far overseas crypto projects can maintain a public presence in China through offices, community events and technology-focused marketing. Liu Honglin, founder of Shanghai blockchain law firm Mankun, wrote that the PBOC statement shows mainland events by overseas crypto firms will become harder to hold, even when they focus only on blockchain technology. The probe also signals that domestic companies and individuals who assist overseas platforms may face scrutiny.
What the data shows
SOL is the native token of the Solana blockchain and was the seventh-largest cryptocurrency by market value at the time of Blockonomi's report, according to CoinMarketCap. The planned Accelerate events covered artificial intelligence, robotics, physical AI, emerging markets and local business development, according to Bitcoin.com News, and avoided crypto trading and speculation. ZyCrypto reported that authorities said virtual currencies currently cannot meet standard customer identification and anti-money laundering requirements and are prone to speculative activity.
Background
China has restricted virtual currency business for more than a decade. In 2013, the PBOC and other departments said Bitcoin should not be treated as currency. A 2021 notice reinforced that Bitcoin, Ethereum and stablecoins such as Tether lack official currency status. In February, the central bank and other regulators declared virtual currency-related business illegal financial activity and warned that domestic individuals or organisations knowingly helping overseas platforms serve Chinese users could face legal responsibility.
Solana's Shanghai office had surprised industry figures because of that stance. Changpeng Zhao, co-founder of Binance, praised the move at the time, and the office launch included a light show in Solana colours on the Citibank tower in Lujiazui. Bitcoin.com News reported that law enforcement was present when the October 16 Accelerate event was suspended and that the PBOC was directly involved.
What to watch
The immediate questions are who will be named in the inquiry and whether the PBOC action extends beyond Solana's Shanghai campaign to other overseas projects. The central bank said it would keep working with other departments and local governments, focusing on domestic virtual currency dealers and domestic entities linked to overseas issuance and trading platforms. No charges against Solana or its foundation have been announced in the reports.
Questions readers ask
What prompted the PBOC action?
Financial News cited an unnamed PBOC official who said Solana marketed itself on the mainland through domestic entities and provided virtual currency issuance and trading services. The official said this violated China's February notice on crypto-related risks.
Was the Shanghai event cancelled or postponed?
Solana Foundation president Lily Liu described it as postponed and cited capacity limits. Financial News, citing the PBOC official, said the central bank halted the offline events.
Does this change China's crypto ban?
The reports describe enforcement of existing restrictions, not a new law. The PBOC official said authorities would continue cracking down on domestic virtual currency business.
