China halts Solana events, probes crypto promotion
7.1 Regulation China's central bank stopped Solana's Shanghai events and began an investigation into its marketing, citing violations of rules banning virtual currency promotion. All involved parties will be investigated.
The People's Bank of China (PBOC), in collaboration with local financial regulators, police, and market supervision authorities, has launched an investigation into Solana's recent marketing campaign in Shanghai. The campaign included prominent advertisements on the Citigroup Tower in the Lujiazui financial district and was coordinated through domestic entities. Authorities halted the planned "Solana Accelerate China 2026" events in Shanghai and other cities before they began, citing violations of a February 2026 notice that bans the promotion and marketing of virtual currencies in China. The PBOC stated that such activities constitute illegal financial operations under current regulations. Promoting Solana, its native token, and providing technical support for stablecoins like USDT are considered breaches of national law. The investigation will target both organizations and individuals involved, highlighting China's strict stance on cryptocurrency promotion and the increasing scrutiny faced by crypto projects in the country.
