The Central Bank of China Announces Investigation into Solana's Advertising Campaign Participants

The People's Bank of China announced an investigation into organizations and individuals involved in promoting the blockchain platform Solana (SOL) in Shanghai. In an interview with the Chinese newspaper Financial News on November 6, a representative of the regulator stated that the advertising campaign violated existing restrictions on the promotion of virtual currencies. Previously, authorities halted the Solana Accelerate China 2026 event.

On October 14, 2026, large Solana logos were displayed on the facade of the Citigroup Tower in the Lujiazui financial district. Representatives of the Solana Foundation, which supports the development of the network, also reported the opening of a new office in Shanghai.

Why the Authorities Halted the Solana Event

The Solana Accelerate China 2026 program included meetings in four cities in China – Shanghai, Hangzhou, Shenzhen, and Beijing. The events were dedicated to artificial intelligence, robotics, and the development of technological products.

The program's opening was planned for October 16 at the Shangri-La Hotel in Shanghai. However, the event was halted. According to participants, after the police arrived, attendees had to wait outside for more than an hour.

Solana Foundation President Lily Liu previously explained the postponement of the event by a fourfold increase in registrations. According to her, the number of interested parties exceeded the agreed capacity of the venue.

Subsequently, a representative of the People's Bank of China told Financial News that the authorities considered Solana's advertising as promoting virtual currencies. The regulator, together with local financial authorities, police, and market supervision agencies, halted the event and announced an investigation into the involved parties.

What Restrictions Are in Place in China

On February 6, 2026, the People's Bank of China and seven other state agencies published a document confirming the ban on certain activities with virtual currencies within the country. The restrictions apply to cryptocurrency trading, certain financial services, and the promotion of related activities.

A representative of the central bank stated that SOL is considered a virtual currency, and the Solana infrastructure is used for the issuance and circulation of USDT, among other things. According to the regulator, the promotion of Solana violated the provisions of the February document.

The document also provides for accountability for Chinese organizations and citizens who knowingly facilitate the illegal provision of cryptocurrency services by foreign companies in the domestic market.

The People's Bank of China reported that further measures will focus on local participants in cryptocurrency trading and organizations associated with foreign platforms. As of the publication by U.Today, the Solana Foundation has not provided a separate official comment on the regulator's statement. The results of the announced investigation are still unknown.