China’s central bank has launched an investigation into Solana following the state-enforced shutdown of a promotional event in Shanghai last month. The People’s Bank of China (PBOC) confirmed it has halted all in-person Solana promotional activities, citing the project’s operations as illegal under the country’s existing cryptocurrency regulations.
The regulatory scrutiny centers on a week-long series of events titled “Solana Accelerate China,” which were scheduled to celebrate the opening of a local office in the Pudong district. While organizers cited “logistical considerations” for the last-minute cancellation on October 16, witnesses reported the arrival of Chinese police at the venue. Before the intervention, the campaign had included high-profile marketing efforts, such as a Solana logo projected onto the Citigroup Tower and a promotional event hosted on a riverboat.
PBOC Targets Solana Under Strict Crypto Ban
The PBOC’s investigation relies on the sweeping anti-crypto legislation enacted in 2021, which prohibits virtual currency transactions and services within China. This legal framework has been building since 2013, when Beijing first introduced restrictive measures against Bitcoin. The current probe specifically targets Solana and its relevant persons, examining whether their promotional activities violated the ban on providing crypto services to individuals residing in China.
🇨🇳 CHINA JUST SHUT DOWN SOLANA’S EVENT AND OPENED AN INVESTIGATION. November 6, 2026: China’s central bank, the People’s Bank of China (PBOC), confirmed that authorities halted Solana’s promotional event in Shanghai before it could begin and will investigate the companies and…
Newer provisions introduced this year have further tightened the net, explicitly forbidding offshore entities from offering crypto-related services to Chinese nationals. These updates also target stablecoins and real-world asset tokenization, areas where the central bank is increasingly asserting control to prevent capital flight and maintain financial stability.
| Event / Regulation | Date | Impact |
|---|---|---|
| Initial Anti-BTC Legislation | 2013 | Early restriction of crypto exchange services |
| Comprehensive Crypto Crackdown | 2021 | Full prohibition of virtual currency use |
Solana Price Drops Following Regulatory Crackdown
The regulatory fallout has been reflected in the token’s market performance. As of November 7, 2025, the price of Solana sits at approximately $90, representing a 15% decline since the October 16 shutdown. Over the past year, the asset has experienced a 28% drop, currently maintaining a market capitalization of $53 billion.
NEW: China's central bank helped shut down a recent Solana event in Shanghai and plans to investigate the entities and individuals involved, according to PBOC-affiliated Financial News. A PBOC official said Solana's promotional activities violated China's cryptocurrency… pic.twitter.com/z2qJ9iJwrY
The visibility of the Solana marketing campaign had previously drawn comments from industry figures, including Binance co-founder Changpeng Zhao. He noted earlier that it was “amazing to see that Solana was able to advertise and even get an office in China,” contrasting their efforts with the difficulties Binance has faced in establishing a similar physical presence within the country.
The investigation is not limited to the project itself; the PBOC and local regulatory bodies are currently identifying and questioning individuals involved in the promotional events. This move aligns with Beijing’s strategy of enforcing total compliance with its digital asset bans, ensuring that even decentralized projects cannot use physical office space or public marketing to gain a foothold in the domestic market.
China's Central Bank to Investigate Solana's Advertising Campaign in Shanghai's Lujiazui District An official from the People's Bank of China (PBOC) said authorities recently discovered that Solana had placed advertisements in Shanghai's Lujiazui financial district through… pic.twitter.com/cLAWSOXrQg
BREAKING:🚨 China’s central bank (PBoC) and local authorities abruptly halted a high-profile Shanghai push by Solana, after ads appeared on the Citigroup Tower in Lujiazui and a “Solana Accelerate China 2026” event was called off before it began. PBOC responds. pic.twitter.com/ysBFpanm3G
