China Central Bank Halts Solana Promotional Events and Orders Probe
China's central bank has blocked Solana promotional events in Shanghai, citing violations of strict financial regulations prohibiting virtual currency marketing and operations.
China's central bank has halted the Solana Accelerate China 2026 events scheduled across Shanghai and other cities, ordering an investigation into the entities and individuals involved. According to Foresight News, citing the Chinese newspaper Financial News, an official at the People's Bank of China stated that authorities recently discovered Solana promotional activities in the Lujiazui financial district of Shanghai, including an advertisement displayed on the facade of the Citi Group Tower.
The official noted that the central bank coordinated with local financial management bureaus, the police, and market regulation authorities to block the planned activities before their launch. While the promotional events were successfully suspended, no specific names of those involved or investigation findings have been released yet. Authorities emphasized that the crackdown targets promotional campaigns and events within China, and the action does not mean the Solana blockchain network itself has been shut down.
According to the official, SOL functions as a virtual currency, and Solana also provides technological services related to the issuance and trading of virtual currencies, including USDT. The official argued that these activities violate a joint directive issued by eight Chinese agencies in February 2026, which strictly prohibits unauthorized virtual currency operations, advertising, and marketing services.
The official directive, signed on February 6 by the central bank and seven other regulatory bodies, classifies certain virtual currency activities as illegal financial operations. The regulation bans the exchange of fiat currency for virtual currencies, trading, brokerage, token issuance for fundraising, and related services, while also explicitly prohibiting internet companies from providing online spaces, commercial displays, or marketing for crypto-related businesses.
