China's halt of a Solana event in Shanghai
Where it stands now. The PBoC says it will investigate the companies and individuals behind Solana's Shanghai advertising and event, and will focus on crypto dealers in China and the China-based affiliates of offshore platforms.
The record 1 development
China's central bank says it halted a Solana event in Shanghai and will investigate those involved
What happened. An official at a department of the People's Bank of China (PBoC), not named, said Solana had advertised crypto through a company in China on the outer wall of the Citigroup Tower in Shanghai's Lujiazui district. The official said the PBoC, with local financial regulators, the police and market regulators, stopped Solana's "Solana Accelerate China 2026" in-person event before it opened, and will investigate the companies and individuals involved. PANews reported the remarks on 6 November, citing the Financial News; the official did not give a date for the halt.
Why it matters. The official said SOL is in essence a virtual currency, that Solana also provides technical services for issuing and trading USDT and other tokens, and that promoting Solana breaks a notice issued by eight government departments in February, PANews reported. The official said the PBoC will next focus on crypto dealers in China and the China-based affiliates of offshore crypto issuing and trading platforms.
- The PBoC official said crypto cannot yet properly meet customer identification and anti-money-laundering requirements and easily leads to speculation, PANews and Block Media reported.
- Block Media, citing the Financial News, reported the official as calling Solana's brand advertising in China "illegal financial activity"; ChainCatcher reported the business was judged to be illegal financial activity.
- Coin68 reported that Solana's channels posted images of the Citigroup Tower advertising on the night of 14 October; a post embedded in its article lists the event in Shanghai, Hangzhou, Shenzhen and Beijing from 16 to 22 October.
- Coin68 reported that a Solana seminar was cancelled at the last minute on 16 October: the organisers said more people came than had been registered with the authorities, and people there said police arrived and did not let them in. Coin68 does not say whether this is the event the PBoC official described.
- Coin68 alone reported that the PBoC official said Solana may not hold further events until further notice; PANews, Block Media and ChainCatcher do not report this.
Read the originals (5), usually in their own language
- People's Bank of China responds to halting Solana's Shanghai in-person event: will investigate the entities and individuals involved · PANews, headline translated by us
- Central bank department official: crypto dealers in China and the China-based affiliates of offshore crypto issuing and trading platforms will be the focus of investigation · PANews, headline translated by us
- China halts Solana event… People's Bank of China: "illegal financial activity" · Block Media, headline translated by us
- China investigates Solana's public advertising in Shanghai · Coin68, headline translated by us
- Morning brief | Nasdaq Composite rose 1.1% on 6 November; central bank responds to the halting of Solana's Shanghai event, will investigate those involved · ChainCatcher, headline translated by us