China's central bank launches investigation into Solana advertising campaign in Shanghai
The People's Bank of China (PBOC) has announced an investigation into a Solana advertising campaign in Shanghai's financial district. The regulator also halted Solana Accelerate China 2026 events, citing violations of the existing ban on cryptocurrency promotion.
The investigation was prompted by a Solana advertisement displayed on the facade of a Citigroup building in Shanghai's Lujiazui financial district. According to Chinese newspaper Financial News, the campaign attracted widespread attention within the cryptocurrency industry.
A PBOC representative said the promotion of the brand through local companies was effectively being used to advertise cryptocurrencies. Authorities intend to identify the individuals and legal entities involved in organizing the campaign.
Chinese authorities halt Solana events
Solana had planned a series of Solana Accelerate China 2026 events in Shanghai and other cities. However, the events were canceled shortly before they were due to begin following intervention by financial regulators, police, and market supervision authorities.
A central bank representative explained that the advertising campaign violated requirements introduced by eight government agencies in February 2026.
The document reaffirmed the ban on activities involving the issuance, trading, and promotion of virtual currencies in China. Local organizations that facilitate the operations of overseas cryptocurrency platforms are also subject to penalties.
The PBOC separately noted that the Solana ecosystem is used to issue and circulate digital assets, including USDT. According to the regulator, promoting such services violates existing restrictions.
Chinese authorities will continue investigating local cryptocurrency operators and companies linked to overseas platforms. Particular attention will be paid to compliance with customer identification and anti-money laundering requirements.
China expands oversight of cryptocurrency transactions
Restrictions on cryptocurrency platforms have been in place in China for several years. In 2013, authorities banned the use of Bitcoin as a means of payment, while in 2021 they tightened restrictions on digital asset trading.
In February 2026, regulators reaffirmed the existing restrictions and extended their application to overseas platforms serving Chinese users through local intermediaries.
Authorities are also stepping up efforts to combat the use of cryptocurrencies in corruption schemes. A Chinese Communist Party decision dated October 29 and published on November 1 specifically mentions violations involving virtual currencies and blockchain technology.
The new provisions call for tighter oversight of digital methods used to conceal illicit proceeds, alongside cross-border financial transactions. Cryptocurrency-related activities have therefore been included among the areas subject to anti-corruption scrutiny.
Earlier, we reported that Chinese authorities were seeking to confiscate Bitcoin linked to a $5.7 billion fraud scheme. The case became one of the major legal proceedings involving digital assets and their alleged criminal origins.
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