China Says Solana Promotion Led to Shanghai Event Halt

According to China’s Financial Times, a central bank official said Solana had worked with local entities to promote its brand, including with a prominent advertisement on the exterior of Citigroup Tower in Lujiazui, Shanghai’s financial district. The official said the campaign amounted to prohibited cryptocurrency promotion. The central bank coordinated with local financial regulators, police and market supervision authorities to halt Solana Accelerate China 2026. No specific entities were named and no penalties were announced.

The event was suspended on October 16, when attendees reportedly had difficulty entering the venue. Organizers initially cited logistical problems. Solana Foundation President Lily Liu later said registrations had quadrupled overnight after publicity, exceeding the venue capacity registered with local authorities. Binance co-founder Changpeng Zhao questioned on X whether organizers understood local rules, citing a similar disruption at a Solana event in Shenzhen less than a year earlier.

The central bank official described Solana as a major cryptocurrency issuance platform and said its SOL token meets China’s definition of virtual currency. The official also said Solana’s infrastructure supports issuance and trading of other cryptocurrencies, including Tether’s USDT. Authorities consider promotion of the brand a breach of the February 2026 notice issued by the People’s Bank of China and seven other government agencies. The notice reaffirmed restrictions on unauthorized cryptocurrency trading, token issuance and related services, and barred domestic entities from assisting overseas crypto businesses that illegally serve mainland customers.

The official said regulators would work with local governments and other departments to investigate cryptocurrency businesses in mainland China, including domestic dealers and China-based entities affiliated with overseas issuance and trading platforms. The move follows China’s longstanding restrictions, tightened in 2021, and a late-October call for stronger action against digital assets linked to corruption and illicit financial activity.