The People’s Bank of China, in cooperation with Shanghai police, conducted an enforcement action targeting Solana Accelerate China 2026, a four-day promotional tour by the Solana Foundation. Authorities intervened to block a series of events planned in Shanghai and initiated an investigation into local contractors who supported the blockchain project’s logistics and public relations efforts.
Enforcement triggered by high-profile marketing
The Chinese authorities’ response followed an unusually bold advertising campaign by the Solana team. On October 14, Solana representatives, assisted by Shanghai-based event contractors, displayed large, colorful SOL token logos across the facade of the Citigroup Tower in Lujiazui, Shanghai’s financial district. This spectacle was paired with public announcements from senior Solana Foundation figures, including president Lily Lu, who revealed the opening of a new Solana office in the prestigious location.
This move quickly captured the attention of the crypto community. Changpeng Zhao, the influential founder of crypto exchange Binance, commented on social media, describing it as “amazing” that Solana had managed not only to advertise in China but to secure an office. He also noted that BNB Chain never accomplished such visibility in the country.
Event organizers attempted to frame the tour as an initiative focused on technologies such as artificial intelligence, robotics, and IT development, deliberately avoiding direct mention of cryptocurrencies in its external messaging. The four-day tour itinerary included stops in Shanghai, Hangzhou, Shenzhen, and Beijing.
Despite these efforts, the campaign drew immediate scrutiny from local authorities, and reactions escalated quickly.
Authorities intervene, event sessions canceled
On the morning of October 16, a session scheduled at Shangri-La in Shanghai was abruptly canceled as police arrived on site. Attendees were left waiting for more than an hour outside the venue. Solana Foundation president Lily Lu attributed the cancellation to a quadrupling of event registrations, commenting that the chosen space could not accommodate the unexpected numbers.
In early November, the People’s Bank of China provided clarification via an interview with state-run Financial News. Officials characterized the skyline advertising and associated events as illegal marketing activities promoting virtual currencies. The central bank emphasized that SOL is a cryptocurrency, and the Solana network underpins not only the issuance of digital tokens but also stablecoin transactions—specifically referencing USDT, which is outlawed in China.
Mini dictionary: Solana Foundation, a nonprofit organization based in Switzerland, supports the Solana blockchain platform—an open-source project recognized for its high-speed and low-fee transaction capabilities.
Officials at the People’s Bank of China labeled the promotional displays and related events as clear violations of national crypto regulations, saying the central bank’s stance is “black and white”: both the advertising of SOL and facilitation of stablecoin activity like USDT remain strictly prohibited on the mainland.
Authorities referenced a crypto-risk agreement issued in February 2026 by eight national agencies, which explicitly prohibits the promotion of foreign crypto projects. The policy also established individual liability for Chinese citizens and businesses that assist such projects.
As of now, the Solana Foundation has not released any official statement addressing the incident.
The People’s Bank of China has signaled a comprehensive effort to remove foreign blockchain networks and associated activities from the domestic financial system.
