Solana: Advertising campaign in Shanghai triggers investigation in China

Misplaced advertising in Lujiazui. The People's Bank of China (PBoC) announces investigations into entities and individuals involved in a Solana advertising campaign in Shanghai. According to an official of the institution quoted today, November 6, by the Chinese daily Financial News, the promotion of the network contravenes restrictions on cryptocurrencies in mainland China. Authorities also confirm that they shut down events associated with Solana Accelerate China 2026 before they opened.

Key Points

The Chinese central bank announces an investigation into the actors involved in a Solana advertising campaign in Shanghai.

The authorities confirm that they have stopped the Solana Accelerate China 2026 events, the Shanghai stage of which was canceled in October.

Beijing considers this promotion to be contrary to the restrictions on cryptocurrencies strengthened in February 2026.

Solana in the sights of the Chinese authorities

It all started with a particularly visible campaign. Solana advertisements were installed on the facade of Citigroup Tower in Lujiazui, Shanghai's financial district. According to the PBoC official quoted by the press, this operation was carried out through entities established in China. The authorities see this as a promotion of cryptocurrencies under the guise of brand communication.

The central bank indicates that it has coordinated its intervention with local financial regulators, the police and the market supervision administration. It announces investigations into the structures and people involved, without specifying at this stage the envisaged sanctions.

The shutdown of the Shanghai event is, however, nothing new. As early as October 16, the South China Morning Post and other media reported its cancellation at the last minute, even though police officers had been seen on site. A message sent to participants then mentioned a postponement for logistical considerations. The novelty lies in the confirmation of the intervention of the authorities and the announcement of investigations.

Crypto in China: Restrictions on the mainland, licenses in Hong Kong

To justify this intervention, the PBoC invokes the text published on February 6, 2026 by eight Chinese administrations. This maintains the ban on financial activities linked to cryptocurrencies on the continent and provides for control of associated advertising. It expressly replaces the 2021 circular, which it repeals.

The cited official emphasizes that SOL is a cryptocurrency and that the network also provides technical services for the issuance and trading of other tokens, including USDT. According to his interpretation of the system, promoting Solana therefore constitutes an offense. The central bank announces that it will continue to target local trading players and Chinese entities linked to foreign platforms.

Hong Kong maintains a distinct setting. Its regime applicable to issuers of stablecoins backed by official currencies entered into force on August 1, 2025 and requires a license for the activities concerned. This controlled opening does not constitute authorization to promote these services in mainland China.