China’s central bank investigates Solana after Shanghai campaign shutdown

China Central Bank Investigates Solana After Shanghai Marketing Campaign Shut Down

China’s central bank has launched an official investigation into Solana following the abrupt cancellation of a promotional marketing event in Shanghai last month, Protos reported. The People’s Bank of China (PBOC) revealed that it halted in-person promotional activities for the blockchain network after local authorities intervened on October 16, 2026, citing strict national bans on virtual currency marketing.

The enforcement action stems from regulatory notices issued in February 2026 that prohibit virtual currency marketing and venue services for overseas projects. According to a PBOC official speaking to the financial newspaper Jinrong Shibao, the central bank is investigating domestic entities and individuals tied to Solana’s marketing campaign alongside local financial regulators, public security authorities, and market supervision departments.

How the Shanghai Campaign Unfolded

Solana attempted to host a week-long promotional campaign in Shanghai last October to celebrate securing an office in the city’s Pudong district. On the evening of October 14, 2026, the Solana logo lit up the exterior of the Citigroup Tower in Lujiazui, and the network hosted an event on a riverboat. Solana Foundation executives, including Chief Strategy Officer Rachel Conlan, Chief Product Officer Vibhu Norby, and President Lily Liu, shared images and details of the new office space on social media.

Binance co-founder Changpeng Zhao posted on X on October 15 expressing surprise that Solana secured advertising space and an office in China. While some users claimed his post drew regulatory attention, Zhao rejected the notion, stating that the display was removed within ten minutes and that China’s monitoring systems operate independently. Shortly after, authorities halted the scheduled four-city “Solana Accelerate China 2026” developer tour, with visitors spotting Chinese police arriving at the planned venues.

Regulatory Framework and Market Impact

China has maintained an anti-crypto stance since introducing initial anti-Bitcoin legislation in 2013, followed by a broader crackdown in 2021 that outlawed domestic crypto usage. Recent regulatory updates maintain these prohibitions while adding specific provisions that forbid offshore Chinese entities and individuals from providing crypto services to domestic residents, alongside new restrictions on stablecoins and real-world asset tokenization.

The PBOC official classified Solana’s native token, SOL, as a virtual currency and noted that the network provides technical services for issuing and trading major assets such as USDT. Because these operations violate the February 2026 notice against virtual currency marketing and financial activities, the promotional push breached Chinese law. The PBOC indicated that its enforcement focus will continue to target domestic virtual currency traders and China-based affiliates of overseas platforms.

At the time of reporting, Solana trades at $90, marking a 15% decline since the promotional event was shut down on October 16. Over the preceding year, the token’s price has fallen by nearly 28%, bringing its market capitalization to $53 billion.

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