China's central bank calls Solana skyline ad illegal crypto marketing, report says
In brief
- PBoC and Shanghai police clamped down on the Solana Accelerate China 2026 tour, per U.Today.
- SOL logos appeared on Shanghai's Citigroup Tower facade on the evening of October 14.
- Police shut an October 16 session and held participants on the street for over an hour, per U.Today.
- A PBoC representative called the ad illegal virtual-currency marketing in a Financial News interview, per U.Today.
- Solana Foundation had not commented as of U.Today's report.
What happened in Shanghai
The tour across Shanghai, Hangzhou, Shenzhen and Beijing was marketed around AI agents, robots and IT development rather than crypto, U.Today reported. On the evening of October 14, a team associated with Solana and Shanghai contractors displayed large SOL token logos on the Citigroup Tower facade in Lujiazui, the city's financial district. Top managers, including Solana Foundation president Lily Lu, publicly promoted the opening of a new Shanghai office.
Binance founder Changpeng Zhao (CZ) called it "amazing" that Solana managed to promote in China and also get an office there. He added that BNB Chain hadn't achieved similar success.
It didn't last.
According to U.Today's account, the October 16 morning session at the Shangri-La was shut down after police arrived, and participants were held on the street for over an hour. Lu said the cancellation happened because registrations quadrupled and the venue couldn't accommodate everyone who'd registered.
The PBoC's position
On November 6, PBoC representatives addressed the incident in an exclusive interview with Financial News. The representative called the skyline ad and related events illegal marketing of virtual currencies, U.Today reported. LeoDex News couldn't independently verify the interview.
The central bank's view, per the report, is that SOL is a cryptocurrency and that Solana's infrastructure facilitates coin issuance and stablecoin turnover (especially USDT, which is banned). The PBoC's position, as U.Today relayed it, is that the Solana Foundation, as organizer, breached a crypto-risk notice that eight Chinese authority departments jointly issued in February 2026. That document, according to U.Today, banned promotion of overseas crypto projects and imposed individual liability on Chinese citizens and companies that assist such promotion.
Investigation and response
Authorities blocked the project's events in Shanghai, and the financial regulator launched an investigation into locals who helped the blockchain platform with logistics and public relations, U.Today said.
The Solana Foundation hadn't issued an official comment as of U.Today's report. In its own view, U.Today read the central bank's move as a signal of a full cleanup of foreign blockchain networks and related activity from the mainland market.
Frequently asked questions
Why did China's central bank act against Solana's Shanghai event?
A People's Bank of China representative called the skyline ad and related events illegal marketing of virtual currencies, U.Today reported. Per the report, the central bank's view is that SOL is a cryptocurrency and Solana's infrastructure facilitates coin issuance and stablecoin turnover, especially USDT.
What does China's February 2026 crypto-risk notice prohibit?
According to U.Today, the notice was jointly issued by eight Chinese authority departments in February 2026. It banned promotion of overseas crypto projects and imposed individual liability on Chinese citizens and companies that assist such promotion. The PBoC's position is that the Solana Foundation breached it.
Who is being investigated over the Solana events in Shanghai?
U.Today reported that the financial regulator launched an investigation into locals who helped the blockchain platform with logistics and public relations. The Solana Foundation hadn't issued an official comment as of that report.
