PBOC Halts Solana Promotional Event in Shanghai and Launches Investigation
nashnova research
The People's Bank of China has shut down Solana's onshore promotional events and launched a multi-agency investigation, making clear that offshore crypto platforms using domestic partners for brand marketing have crossed a regulatory red line.
What exactly happened?
The PBOC detected that Solana — a major crypto blockchain — was running high-profile ads and offline events in Shanghai through onshore partners, effectively marketing virtual currencies.
The central bank moved swiftly, halting the events and opening an investigation jointly with local financial regulators, police, and market supervision authorities.
This means → this is not a warning letter — it is a coordinated, multi-agency enforcement action targeting both the platform and the domestic entities that helped it operate on the ground.
Why is Solana's promotion classified as illegal?
The PBOC stated explicitly: Solana is a virtual-currency issuance platform; its native token SOL is a virtual currency. Solana also provides technical infrastructure for USDT and other stablecoins.
All of these activities fall under illegal financial activity as defined by China's existing regulatory notices.
In plain terms = no matter how the event is branded — "tech exchange" or "community meetup" — if the underlying business is crypto, it is illegal under Chinese law.
Why does China maintain such a hard line on crypto?
The PBOC's core rationale: virtual currencies cannot effectively meet customer-identification and anti-money-laundering requirements, making them a breeding ground for speculation.
This reflects a position that has not softened — regulators view crypto not as financial innovation but as a source of financial risk.
What comes next?
The PBOC said its next enforcement push will focus on two targets: onshore crypto dealers and domestic affiliates of offshore platforms.
This means → previously, offshore platforms that avoided opening exchanges in China could treat brand promotion as a grey area. That grey area has now been officially closed.
In plain terms = for ordinary investors, any onshore offline event marketed as "blockchain technology exchange" deserves a second look — the organizers behind it may already be on a regulatory investigation list.
市场有风险，内容仅供研究参考，不构成投资建议。