China Halts Solana Shanghai Event, Investigates Local Entities

The People's Bank of China (PBOC) said it halted a planned Solana (SOL) event in Shanghai before it opened and is investigating local entities, classifying the project's advertising as virtual currency marketing under mainland rules.

The promotion included an advertisement on the exterior wall of a Citigroup building in Shanghai's Lujiazui financial district. Solana had planned in-person gatherings under the name Solana Accelerate China 2026 in Shanghai and other locations; authorities stopped the Shanghai event before it began.

A central bank department official said the advertising promoted Solana as a virtual currency and characterized SOL as a virtual currency. The official also said Solana provides technical services for issuing and trading USDT, and classified those activities as illegal financial business under China's rules.

The PBOC's next enforcement focus will include domestic crypto traders and China-based entities linked to offshore virtual currency platforms, the official said.