China's central bank opens probe after halting Solana event in Shanghai. The PBoC says Solana's Shanghai marketing broke China's crypto ban and will investigate the people and firms behind it, contradicting the organisers' account. China's central bank has confirmed that regulators stopped a Solana promotional event in Shanghai last month, and says it will investigate the people and companies who marketed the network in the city. The People's Bank of China (PBoC) says advertising the Solana brand counts as crypto promotion, which is already banned. That is a broader reading of the rules than many in the industry expected. It also means Beijing is going after the local partners foreign crypto projects rely on, as well as trading platforms. The comments came from a PBoC official in an exclusive report by China's Financial Times. Crypto.news and Protos both covered the report, though they describe some details differently. What happened in Shanghai. The Solana Foundation had planned a run of events called Solana Accelerate China 2026 in Shanghai, Hangzhou, Shenzhen and Beijing from 16 to 22 October. Topics included blockchain infrastructure, artificial intelligence and payments. Protos reports that the Shanghai week was also meant to mark Solana's apparent move into an office in the city's Pudong district. Before the event, Solana's logo appeared in large format on the outside of Citigroup Tower in Lujiazui, Shanghai's financial district. Protos also reports a Solana gathering on a riverboat. On 14 October the project's official account posted "ni hao shanghai" on X. On 16 October the Shanghai event was suddenly suspended. Registered attendees were left waiting outside, and people at the scene reported seeing police officers. Organisers first said the cause was logistics and promised a revised schedule. Two different explanations. Solana Foundation President Lily Liu gave a different reason on the day. She wrote on X that publicity had caused registrations to quadruple overnight, "far exceeding the event cap we had registered with local authorities." She said the event would be postponed to comply with local requirements. The PBoC's account leaves out crowd numbers entirely. The official said the central bank worked with local financial regulators, police and market supervision authorities to stop the event because the advertising itself was illegal. That links the cancellation directly to enforcement, which the organisers never acknowledged. Binance co-founder Changpeng Zhao commented before and after. Protos reports that he first called it "amazing" that Solana had managed to advertise and even open an office in China, something he said Binance had never done. After the shutdown, according to crypto.news, he wrote: "Sad to see. Looks like they really didn't know the local policies?" He pointed to a similar disruption at a Solana event in Shenzhen less than a year earlier. Why one network was singled out. The central bank's reasoning targets the network itself, not any one exchange or token sale. The official called Solana a major platform for issuing cryptocurrency and said its native token, SOL, meets China's definition of virtual currency. The official added that Solana's infrastructure supports issuing and trading other tokens, including Tether's USDT stablecoin. A stablecoin is a token designed to track a currency such as the US dollar. On that basis, the PBoC treats promoting the Solana brand as a violation in its own right. The official also repeated Beijing's long-standing concerns: crypto cannot reliably meet customer-identification and anti-money-laundering requirements, and trading in it encourages speculation. The reasoning could apply to most large public blockchains, since most support third-party tokens and stablecoins. Solana stood out because of how visible its campaign was. Few foreign crypto projects have put their logo on a landmark tower in Shanghai's financial centre. What China's crypto ban actually covers. China's restrictions have built up over more than a decade. In 2013 the PBoC and other agencies declared that Bitcoin could not circulate as legal currency. In 2021, authorities classed crypto trading and related services as illegal financial activity. The sources disagree on which rule applies here. Crypto.news says the official cited a February 2026 notice issued by the PBoC and seven other agencies. Protos says the activity is illegal under China's 2021 crypto laws. The two are consistent in substance, because the February 2026 notice kept the 2021 position and added to it. According to crypto.news, the February notice: * reaffirmed that Bitcoin, Ethereum, stablecoins and other virtual currencies do not have the legal status of China's sovereign currency; * banned unauthorised crypto trading, token issuance and related financial services on the mainland; * barred domestic companies and individuals from helping overseas crypto businesses that illegally serve mainland customers; * restricted unauthorised yuan-pegged stablecoins and some real-world asset tokenisation, which means representing assets such as property or bonds as blockchain tokens. The third point matters most for the Solana case. Advertising space, venues and event services in Shanghai are supplied by local businesses, and those businesses are now exposed. Who is being investigated. The sources also differ on the scope of the probe. Crypto.news reports that authorities will investigate the domestic entities and individuals involved in the promotion. Protos says the central bank and local regulators will investigate Solana itself as well as relevant persons. Protos also reports that the PBoC has stopped further in-person Solana promotional events in the country. The official did not name any companies or people and did not announce penalties. More broadly, the PBoC said it would work with local governments to pursue crypto businesses operating on the mainland, specifically domestic crypto dealers and China-based entities linked to overseas issuance and trading platforms. This follows calls in late October for tougher action against the use of digital assets in corruption and illicit finance. For Solana's Asian outreach, the immediate effect is that mainland China is closed to public brand-building. The future of the reported Pudong office is unclear, and neither source says what has happened to it. Market backdrop. When Protos reported the news, SOL was trading at about $90, down 15% since the event was shut down on 16 October and almost 28% over the past year, with a market value of about $53 billion. The sources do not say how much of that fall is due to the China episode and how much to the wider market. What to watch. * Names and penalties: whether the PBoC or local authorities identify the firms and individuals behind the Citigroup Tower advertising and the event, and what sanctions follow. * The Solana Foundation's response: whether it addresses the central bank's account, which differs from Lily Liu's explanation about capacity, and whether it formally drops the postponed Shanghai event. * The Pudong office: any confirmation of whether Solana-linked staff or partners keep a presence in Shanghai. * Wider enforcement: whether the promised campaign against domestic crypto dealers and local affiliates of overseas platforms reaches other blockchain projects that hold events or advertise in China. * Hong Kong and the rest of Asia: whether Solana and other networks move their regional events outside the mainland to stay within the February 2026 rules. Sources.

China halts Solana crypto event as local promoters face investigation. Article produced with artificial intelligence systems and published under the editorial responsibility of Amelia Tomasicchio. How Cryptonomist Ltd work China's central bank confirmed on November 6, 2026, that authorities halted Solana's Accelerate China 2026 crypto event in Shanghai on October 16 over prohibited promotional activity. The intervention followed an advertising campaign featuring SOL branding on a skyscraper, and authorities are investigating local companies and individuals who helped organize the promotion. Discover more Trade Forex Trade Crypto Now Accept Payments The People's Bank of China coordinated with Shanghai police, local financial regulators and market supervision authorities to stop the gathering. The campaign included a large display on Citigroup Tower in Shanghai's Lujiazui financial district on October 14. Authorities considered the offline marketing too aggressive. A central bank official said the campaign constituted illegal cryptocurrency promotion under China's existing restrictions. China's halt of Solana's crypto event puts local partners under investigation. The investigation targets domestic entities and individuals who assisted Solana's promotional activities, including logistics and public relations. The official linked the action to February 2026 restrictions issued by the central bank and seven other agencies. The official said SOL qualifies as virtual currency and that Solana's infrastructure supports cryptocurrency issuance and trading, including activity involving Tether's USDT stablecoin. Authorities consider those services restricted and the brand promotion a violation of the rules. Discover more Track Investments Solana Foundation President Lily Liu had offered a different explanation on October 16: registrations quadrupled overnight, exceeding the venue's approved capacity. She said organizers postponed the gathering to comply with local requirements. Solana has not commented on the investigation. Trading continued alongside the regulatory pressure. Pluang data showed SOL down 5.83% over one day as of November 6, with selling accounting for 52% of order activity. Market capitalization stood at Rp968.31 trillion, while 24-hour trading volume reached Rp72.13 trillion. The central bank official said further enforcement would target domestic cryptocurrency dealers and China-based entities connected to overseas cryptocurrency issuance and trading platforms. Article produced with the assistance of artificial intelligence and reviewed by the editorial team. Satoshi Voice Discover more Read Daily News Satoshi Voice is an advanced artificial intelligence created to explore, analyze, and report on the world of cryptocurrency and blockchain. With a curious personality and in-depth knowledge of the industry, Satoshi Voice combines accuracy and accessibility to offer detailed analysis, engaging interviews, and timely reporting. Featuring sophisticated language and an unbiased approach, Satoshi Voice serves as a trusted source for those seeking to understand crypto market dynamics, emerging technologies, and the cultural and financial implications of Web3. This article was produced with the support of artificial intelligence and reviewed by its team of journalists to ensure accuracy and quality. Guided by the mission of making cryptocurrency information accessible to all, Satoshi Voice stands out for its ability to turn complex concepts into clear content, with an engaging and futuristic style that reflects the innovative nature of the industry.

People's Bank of China halts Solana Shanghai event over illegal crypto marketing campaign. China's central bank has explicitly attributed the October cancellation of Solana's Shanghai event to illegal cryptocurrency promotion, marking an escalation in Beijing's enforcement against domestic crypto marketing by foreign blockchain projects. The ruling exposes a gap between what event organizers claimed publicly and what regulators acted on privately, with implications for how institutional investors assess geopolitical risk in Asia-focused blockchain ventures. * PBOC disrupted Solana's mid-October Shanghai event citing SOL token classification as virtual currency and Solana's aggressive domestic marketing campaign in violation of Chinese law. * Solana Foundation President Lily Liu attributed cancellation to logistical venue constraints and quadrupled registrations; attendees observed law enforcement presence at the hotel venue. * February 2026 rulebook issued by PBOC and seven agencies holds Chinese firms and individuals liable for assisting offshore crypto operators, even when projects run abroad. * 2 Solana events disrupted in mainland China, including a late October 2025 Shenzhen event cut short by police. * February 2026 rulebook date establishing current enforcement framework banning Bitcoin, Ether, stablecoins as legal tender. The People's Bank of China said it stopped Solana's mid-October event in Shanghai because the blockchain network's promotional activities constituted illegal virtual currency marketing under Chinese law, according to reporting by Cryptopolitan. A PBOC official, quoted by Financial News (Jinrong Shibao), a news outlet run by the central bank, explained that Solana became a regulatory priority after the project launched an aggressive domestic branding campaign, with SOL token promotions appearing across Shanghai's skyline and the Foundation touting its Pudong office location. The central bank classified Solana's SOL token as a virtual currency and flagged that the network enables issuance and trading of tokens including Tether's USDT, making the entire marketing effort a violation of China's ban on crypto financial activity. PBOC cited customer identification gaps and money-laundering risks in the crypto sector. The PBOC official also cited deficiencies in anti-money-laundering controls and customer identification procedures across the cryptocurrency industry, alongside speculative trading risks that tokens invite. The central bank emphasized it did not act unilaterally: local financial regulators, public security, and market supervision authorities all participated in the decision to halt the event. This multi-agency approach reflects the enforcement posture established in the February 2026 notice issued by the PBOC and seven other government departments, which restated the longstanding ban on Bitcoin, Ether, and stablecoins as legal tender and added liability for Chinese firms and individuals who knowingly assist offshore crypto operators providing services inside China. The February directive made clear that geographic location of the project is irrelevant; what matters is whether a Chinese entity facilitates the service. The PBOC pledged to target both domestic crypto traders and local affiliates of offshore issuance and trading platforms, working in concert with other agencies and local governments to enforce the rulebook. Solana officials publicly blamed venue logistics while law enforcement was visible at the hotel. The account offered by Solana's leadership differs markedly from the PBOC's official rationale. Attendees received an email on the morning of October 16 informing them of a postponement due to "logistical considerations at the venue." Solana Foundation President Lily Liu posted on X that event registrations had quadrupled overnight, far exceeding the venue's capacity, a claim that made no mention of regulatory pressure or enforcement threat. Yet attendees already present at the Shangri-La hotel venue reported observing law enforcement on-site. The Shanghai cancellation was not Solana's first disruption in mainland China. In late October 2025, a Solana Accelerate event in Shenzhen was cut short by local police; organizers cited overcrowding that time as well. The Shanghai event was slated to be the first stop in a four-city Accelerate China developer tour covering Hangzhou, Shenzhen, and Beijing. No announcement has indicated whether the remaining cities remain scheduled. China's crypto rulebook has evolved from 2013 warnings to 2026 enforcement operations. China's regulatory stance toward cryptocurrency has hardened over more than a decade. The PBOC and four other departments warned of Bitcoin risks in 2013, and a 2021 notice reaffirmed that Bitcoin, Ether, and stablecoins hold no legal tender status. The current operational framework, however, dates to February 2026, when the PBOC and seven other agencies published updated guidance that broadens enforcement beyond traders to include any Chinese person or firm that knowingly supports offshore crypto service providers. The directive shifts enforcement from passive warnings to active pursuit of both direct participants and facilitators of crypto activity inside Chinese jurisdiction, regardless of where the underlying project is incorporated. The CCS read. Crypto Coin Show see a regulator enforcing its own published rules with precision and multi-agency coordination, but one that draws a distinction between passive regulation and aggressive cross-border marketing. Solana's Shanghai campaign was not a violation because it offered crypto to Chinese users; it was a violation because it marketed a token that can be used for crypto trading using local advertising and corporate presence. Institutional investors in Asia-focused blockchain projects now face explicit notice that even offshore projects cannot market their tokens domestically without regulatory exposure, and that local employees or partners amplify that risk. Watch whether Solana or other blockchain projects attempt to resume developer events in the remaining three Chinese cities Solana had planned to visit, and whether the PBOC's treatment of this case influences how other offshore blockchain foundations approach Asia-Pacific marketing strategy. Want more CCS in your Google results?