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China is preparing to intensify its crackdown on cryptocurrency-related activities, with the People's Bank of China (PBOC) announcing investigations into domestic companies and individuals involved in promoting the Solana blockchain network. The move follows the suspension of planned Solana promotional events in Shanghai and other cities, as Beijing reinforces restrictions on cryptocurrency businesses, advertising and services linked to overseas trading platforms.
A PBOC department official said on November 6 that authorities had identified promotional activities involving Solana through domestic entities, including advertisements displayed on the exterior of a building in Shanghai's Lujiazui financial district. The central bank coordinated with local financial regulators, police and market supervision authorities to stop the planned events before they opened.
The investigation marks a significant development in China's approach to cryptocurrency regulation because enforcement is extending beyond trading operations to promotional activities and the domestic intermediaries supporting overseas crypto businesses.
According to the official, Solana's native token, SOL, falls under China's definition of virtual currency. The official also cited the blockchain network's technical services supporting the issuance and trading of cryptocurrencies, including Tether's USDT stablecoin, as grounds for regulatory scrutiny.
The official described the promotional activities as violations of China's February 2026 regulatory notice, which was jointly issued by the central bank and seven other government agencies. The rules classify cryptocurrency-related business activities as illegal financial activities and prohibit unauthorised services provided to mainland Chinese customers by overseas entities.
The regulatory intervention also follows the cancellation of Solana Accelerate China 2026, an event series that had been planned across several Chinese cities. Solana Foundation President Lily Liu had previously attributed the Shanghai event's postponement to an unexpected surge in registrations, saying attendance registrations had quadrupled overnight and exceeded the capacity approved by local authorities. The PBOC's subsequent explanation identified regulatory concerns as another reason for the intervention.
China's restrictions on digital assets date back several years. In 2021, authorities intensified measures against cryptocurrency trading and mining, citing financial stability and speculative risks. The February 6, 2026, notice further reinforced those restrictions while expanding oversight to real-world asset tokenisation and unauthorised offshore cryptocurrency services.
The central bank has also raised concerns about money laundering, inadequate customer identification and the potential misuse of stablecoins for illegal cross-border financial transfers.
The latest announcement signals that Chinese regulators intend to scrutinise not only cryptocurrency exchanges but also domestic businesses facilitating overseas platforms' activities. Authorities have not yet identified the individuals or companies under investigation or announced specific penalties.
The next stage will involve coordination between the central bank, local governments and enforcement agencies, with domestic cryptocurrency traders and local affiliates of overseas platforms identified as key targets.
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