TLDR: The PBOC halted Solana Accelerate China 2026 events in Shanghai and other cities before they began. Officials say the Solana advertising campaign violated the February 2026 crypto risk
The People’s Bank of China (PBOC) has launched an investigation into the Solana advertising campaign in Shanghai’s Lujiazui financial district.
An official said authorities found that domestic entities placed the advertisements to promote cryptocurrencies through brand marketing.
Together with local financial regulators, police, and market supervision authorities, the PBOC halted the planned Solana Accelerate China 2026 events.
The events were set for Shanghai and other cities. Officials will examine the entities and individuals involved in the Solana advertising campaign.
The official said the Solana advertising campaign violated a notice issued by eight Chinese authorities in February 2026. The notice addresses the prevention and handling of risks related to cryptocurrencies. It also states that domestic cryptocurrency business activities constitute illegal financial activities.
Recent monitoring found that Solana promoted its brand through high-profile campaigns run by domestic organizations.
The official described Solana as a major issuance platform, saying its coins are “essentially virtual currencies.” The platform also provides technical services for issuing and trading major virtual currencies such as USDT.
The official said these businesses are “clearly illegal financial activities” under the notice. Promoting Solana therefore violates its provisions.
According to the official, virtual currencies “cannot effectively meet requirements for customer identity verification and anti-money laundering.” This makes them prone to triggering market speculation, the official said.
Financial Times reporters noted that the advertisements appeared on the exterior wall of the Citigroup Building. The placement drew attention across the cryptocurrency industry and sparked market discussion.
The Solana advertising campaign preceded the planned offline exchange events, which were halted before they began. The Financial Times also interviewed the relevant PBOC departments for the official’s explanation.
China has kept a prohibitive stance on virtual currency business for years. In 2013, the PBOC and five other departments issued a notice on preventing Bitcoin risks.
It stated that Bitcoin cannot and should not be used as currency in the market. Since then, regulators have issued further notices as part of the same policy direction.
A 2021 notice on virtual currency trading and speculation went further. It clarified that Bitcoin, Ethereum, and Tether do not hold legal status equivalent to fiat currencies. The February 2026 notice continued this approach.
The latest notice also sets accountability rules. Domestic entities and individuals face legal accountability if they assist foreign entities providing illegal virtual currency services. This applies when they knew, or should have known, about the violation.
Going forward, the PBOC will work with relevant departments and local governments after the Solana advertising campaign.
The focus will remain on domestic virtual currency traders and China-based affiliates of overseas issuance and trading platforms.
The official said the PBOC will “continue to crack down on domestic virtual currency-related business activities.” The goal, according to the official, is to “maintain economic and financial order.”
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