Chinese authorities confirmed on November 6 that they intervened to stop Solana’s Accelerate China 2026 promotional events in Shanghai, citing unauthorized marketing of virtual currencies. The action followed a large-scale advertising display and has led to an investigation of domestic companies and individuals who supported the campaign.

Regulatory Intervention and Advertising Campaign

The People’s Bank of China coordinated with Shanghai police, local financial regulators and market supervision authorities to halt the offline events. Officials stated that Solana had promoted its brand through domestic entities, including a prominent display featuring SOL branding on the exterior of Citigroup Tower in the Lujiazui financial district on October 14.

An unidentified official from a department of the central bank told state-backed Financial News that the campaign constituted illegal promotion of cryptocurrency under existing restrictions. The official described Solana as a major platform for virtual currency issuance whose infrastructure supports the issuance and trading of digital assets, including the stablecoin USDT. Such services are treated as restricted financial activities in China.

The intervention occurred on October 16, when a scheduled morning session at a Shanghai hotel was disrupted. Attendees were left waiting outside the venue as police arrived on site. The broader tour had been planned across Shanghai, Hangzhou, Shenzhen and Beijing and had been presented in some materials as focused on artificial intelligence, robotics and information technology rather than cryptocurrency.

Organizer Explanation and Prior Incidents

Solana Foundation President Lily Liu addressed the postponement on October 16. She said registrations had increased sharply after publicity surrounding the event.

Liu stated that organizers postponed the gathering to comply with local requirements. The Solana Foundation has not issued a public response to the central bank’s later confirmation of regulatory action or the related investigation.

The Shanghai disruption marks the second reported interruption of a Solana-related event on the Chinese mainland within roughly two years. An event in Shenzhen in October 2025 was cut short amid venue capacity and public-safety concerns, according to statements from the project’s Chinese-speaking community at the time.

February 2026 Rules and Wider Enforcement Plans

Authorities linked the Shanghai action to a February 2026 notice jointly issued by the People’s Bank of China and seven other agencies. That notice reaffirmed long-standing restrictions on cryptocurrency-related activities, prohibited unauthorized issuance of yuan-pegged stablecoins, and made clear that Chinese entities and individuals who assist overseas platforms in providing restricted services can face accountability.

The central bank official indicated that further enforcement will target domestic cryptocurrency dealers and China-based entities connected to overseas cryptocurrency issuance and trading platforms. Regulators plan to work with local governments and other departments to maintain control over unauthorized digital asset activities.

China has maintained a restrictive stance on virtual currencies for more than a decade. Earlier measures in 2013 and 2021 established that major digital assets lack legal tender status and that related trading and services constitute illegal financial activity. The 2026 notice extended scrutiny to promotional and intermediary roles.

Binance founder Changpeng Zhao publicly noted the visibility of Solana’s advertising and reported office plans in China shortly before the Shanghai events were halted, describing the development as notable given the regulatory environment.

As of the latest statements, the investigation into the local partners involved in logistics, public relations and promotion remains ongoing. No specific penalties or named entities have been publicly detailed by authorities.