The display of Solana promotional materials on Shanghai’s Citigroup Tower has triggered a regulatory crackdown. The People’s Bank of China (PBOC) confirmed that authorities halted the blockchain network’s marketing tour and launched an investigation into the local entities and individuals involved.
An exclusive report by China’s Financial Times on November 6, 2026, revealed that PBOC officials discovered Solana promotions prominently displayed on the exterior of Citigroup Tower in Shanghai’s Lujiazui financial district. Authorities stated that the outdoor campaign violated the ban on cryptocurrency promotion in mainland China. In response to the findings, the PBOC coordinated with local financial regulators, police, and market supervisors to cancel the entire Solana Accelerate China 2026 schedule.
Abrupt Shutdown on Tour’s First Day
The Solana Foundation originally scheduled a promotional tour across four major cities on October 16-22, 2026, covering Shanghai, Hangzhou, Shenzhen, and Beijing. The forum was organized to discuss blockchain infrastructure, artificial intelligence (AI), and payment systems with the local community.
The tour was abruptly halted on its first day when law enforcement officers arrived at the Shanghai venue on October 16, 2026, and shut down the event, leaving registered attendees stranded outside the building.
Solana Foundation President Lily Liu previously stated that the delay was caused by a fourfold overnight surge in registrations that exceeded the venue’s permitted capacity. However, that capacity explanation drew criticism from former Binance CEO Changpeng Zhao (CZ), who commented on the incident on X, questioning the organizing team’s grasp of local Chinese policies.
Why the PBOC Halted Solana’s Promotion
PBOC officials explained that enforcement action was taken because the SOL token falls under the definition of banned virtual currencies in mainland China. Beyond the status of its native coin, regulators highlighted that the Solana blockchain facilitates the issuance and trading of other assets, including the Tether (USDT) stablecoin.
Authorities directly cited a February 2026 Joint Circular issued by the PBOC alongside seven Chinese ministries and state agencies. The regulation strictly bans crypto trading, token issuance, and the provision of assistance by local entities to overseas crypto businesses.
For domestic individuals and corporations in China, the Shanghai crackdown reinforces applicable legal boundaries. Local involvement in promoting or facilitating overseas crypto projects risks swift inter-agency enforcement action.
Reported via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
