PBOC halts Solana events, investigates Shanghai campaign over crypto risk rules

The People’s Bank of China (PBOC), the nation’s central bank, announced it has stopped the Solana Accelerate China 2026 events planned in Shanghai and other major cities. This move follows a probe into Solana-themed advertisements that appeared on the exterior wall of the Citigroup Building in Shanghai’s Lujiazui financial district.

PBOC intervenes in Solana campaign

Chinese authorities identified that local entities promoted cryptocurrencies using brand marketing methods through these advertisements. Working in cooperation with financial regulators, police, and market supervision officials, the PBOC ordered an immediate halt to the Solana offline exchange events before they commenced.

Officials reported the investigation will examine all entities and individuals connected to the promotion activity. The advertisements and planned activities reportedly aimed to boost Solana’s presence in China’s cryptocurrency sector, drawing considerable attention within the industry.

Authorities asserted that recent monitoring discovered domestic organizations had promoted the Solana brand using prominent campaigns, stating that the initiative contravened national regulations set forth in early 2026.

PBOC invokes 2026 crypto risk notice

According to an official statement, the Solana advertising drive violated a notice issued in February 2026 by eight Chinese authorities, which outlines the prevention and management of cryptocurrency risks. This policy reaffirmed the stance that carrying out cryptocurrency-related business activities within China constitutes illegal financial behavior.

The official described Solana as a key virtual asset issuance platform whose services include technical support for digital currencies such as USDT. The official explained their view that these activities are strictly prohibited by the 2026 notice, and classified promoting Solana as a violation of those provisions.

The PBOC further argued that virtual currencies fail to meet China’s standards for customer identity verification and anti-money laundering procedures, potentially fueling further market speculation and financial risk.

The campaign’s high-profile nature sparked debate in the crypto community after the advertisements went up in one of the city’s most prominent financial hubs, leading to the abrupt cancellation of Solana’s events.

Mini dictionary: Solana is a blockchain platform designed for high-speed and low-cost decentralized applications, recognized for its ability to process thousands of transactions per second and its growing ecosystem of projects and tokens.

Longstanding restrictions on digital assets

China has maintained a restrictive position on digital asset activities for over a decade. As early as 2013, the PBOC and other regulatory agencies warned against treating Bitcoin as a regular currency, declaring it unsuitable for market transactions. Since then, Chinese authorities have strengthened their policy with periodic notices reinforcing restrictions on cryptocurrencies.

In 2021, additional regulations specified that Bitcoin, Ethereum, and Tether lack legal status comparable to government-issued currency. The February 2026 notice extended this approach and introduced accountability clauses. Under this measure, Chinese entities and individuals who knowingly help foreign parties provide illegal virtual currency services may be held legally responsible.

Officials made clear that enforcement will continue, targeting domestic virtual currency businesses and affiliates of overseas platforms in China in order to preserve economic and financial stability.

Following the outcome of the Solana campaign investigation, the PBOC plans to sustain efforts alongside local governments and key agencies. The goal remains strict control over unauthorized digital asset trading within the country.

An official from the PBOC stated the intention to intensify crackdowns on virtual currency activities and reiterate the importance of maintaining financial order in the Chinese marketplace.