The People’s Bank of China (PBOC) has intervened to stop offline promotional activities planned by Solana in mainland China and announced investigations into those behind the events. The central bank’s actions follow Solana’s recent push to expand its presence in the country with the opening of a new office in Shanghai.
Solana’s Shanghai Expansion Faces Setback
Solana initiated a high-profile marketing campaign approximately three weeks ago, spotlighting the grand opening of its Shanghai office and announcing a series of events across major cities in mainland China. The campaign aimed to introduce and engage the local community with Solana’s blockchain technology and ecosystem.
The first event in the Solana Accelerate China series was scheduled to launch in Shanghai but was cancelled without advance notice. Lily Liu, president of the Solana Foundation, had attributed the cancellation to an unexpectedly high number of registrations that exceeded the venue’s permitted capacity.
However, Financial News, a publication supported by the central bank, cited an unnamed PBOC official who stated that regulators stopped these events and initiated an investigation. The official described Solana as a “virtual currency issuance platform” responsible for its native token, SOL, and stated that these activities fall within the scope of previously issued regulatory restrictions.
According to the PBOC, Solana provides technical services for the issuance and trading of major cryptocurrencies and stablecoins, including SOL and USDT, and these activities are currently under investigation for possible violations of Chinese regulations.
Regulatory Context and Enforcement
The PBOC official indicated that promoting Solana within mainland China contravenes a February notice that tightened restrictions on cryptocurrency risks and classified certain behaviors as “illegal financial activities.” This notice was jointly published by the central bank and seven other regulatory agencies and expanded enforcement to sectors such as onshore tokenisation of real-world assets.
The ongoing investigation will examine both corporate entities and individual participants involved with Solana’s planned activities. Specific names of those being investigated have not yet been disclosed. The PBOC reiterated its position that any business related to virtual currencies remains prohibited in China.
Recent years have seen a consistent increase in regulatory actions against cryptocurrencies in China, with authorities seeking to prevent both trading and promotional activities. The central bank’s latest statement confirms the sustained hardline approach to digital asset businesses.
A Shanghai-based blockchain lawyer, Liu Honglin, commented that the latest move from the PBOC signals heightened difficulty for overseas crypto projects seeking to host even blockchain-focused events on the Chinese mainland.
Industry Response and Monitoring Tools
Solana has not issued an official response to the probe. Some industry participants previously regarded the company’s expansion in China as a potential sign of policy change and had anticipated a softer regulatory stance.
Amid increased scrutiny, investors and observers aiming to stay updated on developments regarding Solana and similar projects can use CryptoAppsy’s real-time coin-specific news monitoring to quickly track regulatory updates affecting their assets. The platform’s live news features help users respond rapidly to moves by authorities such as the PBOC and adjust their portfolio decisions as new information emerges.
The PBOC’s enforcement continues to reinforce challenges for global crypto firms attempting to access China’s domestic market, whether for direct promotion or for blockchain-related innovation. With no immediate indication of a shift in regulatory climate, many companies are expected to reconsider their event strategies and compliance measures.
