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China’s central bank confirmed on November 6, 2026, that authorities halted Solana’s Accelerate China 2026 crypto event in Shanghai on October 16 over prohibited promotional activity. The intervention followed an advertising campaign featuring SOL branding on a skyscraper, and authorities are investigating local companies and individuals who helped organize the promotion.

The People’s Bank of China coordinated with Shanghai police, local financial regulators and market supervision authorities to stop the gathering. The campaign included a large display on Citigroup Tower in Shanghai’s Lujiazui financial district on October 14.

Authorities considered the offline marketing too aggressive. A central bank official said the campaign constituted illegal cryptocurrency promotion under China’s existing restrictions.

China’s halt of Solana’s crypto event puts local partners under investigation

The investigation targets domestic entities and individuals who assisted Solana’s promotional activities, including logistics and public relations. The official linked the action to February 2026 restrictions issued by the central bank and seven other agencies.

The official said SOL qualifies as virtual currency and that Solana’s infrastructure supports cryptocurrency issuance and trading, including activity involving Tether’s USDT stablecoin. Authorities consider those services restricted and the brand promotion a violation of the rules.

Solana Foundation President Lily Liu had offered a different explanation on October 16: registrations quadrupled overnight, exceeding the venue’s approved capacity. She said organizers postponed the gathering to comply with local requirements. Solana has not commented on the investigation.

Trading continued alongside the regulatory pressure. Pluang data showed SOL down 5.83% over one day as of November 6, with selling accounting for 52% of order activity. Market capitalization stood at Rp968.31 trillion, while 24-hour trading volume reached Rp72.13 trillion.

The central bank official said further enforcement would target domestic cryptocurrency dealers and China-based entities connected to overseas cryptocurrency issuance and trading platforms.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.

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