According to a recent report from a local Chinese publication, Chinese regulators have moved against promotional activity by the Solana blockchain platform after large advertisements appeared on the exterior of the Citi Group Building in Lujiazui, Shanghai. The displays drew widespread attention in the cryptocurrency sector and prompted discussion across the market.
Solana had planned offline events called Solana Accelerate China 2026 in Shanghai and other cities. Relevant departments halted those gatherings shortly before they were due to begin.
China has maintained a consistent ban on virtual currency business activities for more than a decade. In 2013, the People’s Bank of China and five other departments stated that Bitcoin should not be treated as currency.
A 2021 notice reinforced that Bitcoin , Ethereum , and stablecoins such as Tether lack official currency status. In February of this year, the central bank and eight other departments issued a further notice declaring virtual currency-related business illegal financial activity.
The same document warned that domestic individuals or organizations that knowingly help overseas platforms provide such services to Chinese users could face legal responsibility.
An official from the People’s Bank of China (PBOC) said authorities had detected Solana conducting high-profile marketing through domestic entities to promote its brand.
The central bank, working with local financial regulators, public security and market supervision departments, suspended the planned offline events and will investigate the companies and individuals involved.
Officials noted that Solana functions as a major virtual currency issuance platform. The Solana tokens it issues are cryptocurrencies, and the platform also supplies technical services that support the issuance and trading of other virtual assets, including USDT.
These activities fall under the illegal financial activities defined in the latest notice; therefore, publicly promoting Solana violates the rules. Authorities added that virtual currencies at present cannot meet standard requirements for customer identification and anti-money laundering controls, making them prone to speculative activity.
Going forward, the People’s Bank of China said it will continue working with other departments and local governments to curb virtual currency-related business in China. Enforcement will focus on traders inside China and on domestic entities linked to overseas issuance and trading platforms, with the stated aim of protecting economic and financial order.
