The People's Bank of China (PBOC) has been revealed to have forced the cancellation of an in-person event for the blockchain network Solana in Shanghai before it could be held. The central bank worked with local financial regulators, police, and market supervision authorities to push for the cancellation and has indicated it will investigate the organizations and individuals involved.
What drew scrutiny was a brand advertisement that Solana placed on the exterior wall of a Shanghai building ahead of the event scheduled for October 16. The PBOC determined that the outdoor ad constituted promotion of cryptocurrency-related business and violated regulations. A senior official at the PBOC department responsible told Chinese media that Solana is a major cryptocurrency issuance platform and that the Solana coin it issues qualifies as a cryptocurrency. The official further noted that the platform provides technical services for the issuance and trading of major cryptocurrencies such as USDT, stating that all of these fall under business activities designated as illegal financial activities in a notice published in September 2021.
Meanwhile, Lily Liu of the Solana Foundation announced on X (formerly Twitter) on October 16, the day the event was to be held, that it had been postponed because registrations exceeded the capacity reported to local authorities—a reason that differs from the authorities' account.
Eight authorities including the PBOC published a notice on February 6, 2026, continuing the ban on cryptocurrency-related business in mainland China. The prohibited activities include cryptocurrency exchange and fundraising through token issuance, and Article 8 calls on market supervision departments to work with financial regulators to crack down on illegal cryptocurrency-related advertising. The latest action is seen as enforcement consistent with this framework.
Officials said that going forward they will continue to crack down on related business activities, focusing on domestic cryptocurrency trading operators and the domestic affiliates of overseas cryptocurrency issuance and trading platforms.
Market participants see the move as a fresh indication that while China is advancing the development of state-led blockchain infrastructure, it has not softened its tough stance on private-sector cryptocurrency-related business. In the case of Solana, attention is focused on the fact that a common method—brand advertising—was deemed subject to regulation. The move could affect promotional efforts by overseas projects targeting the Chinese market and may prompt related operators to review their advertising and marketing strategies.
The event itself has been announced as postponed, with no future date disclosed.
