The People's Bank of China (PBOC) has launched an investigation into a Solana advertising campaign in Shanghai's Lujiazui financial district, after an official said authorities found that domestic entities had placed the advertisements to promote cryptocurrencies through brand marketing.

Working together with local financial regulators, police, and market supervision authorities, the central bank halted the planned Solana Accelerate China 2026 events, which had been set for Shanghai and other cities before they could begin. Officials said they will examine the entities and individuals involved in the Solana advertising campaign. For readers tracking China's regulatory posture, the probe underscores that the country's restrictions reach beyond trading and issuance to the promotional work that domestic intermediaries perform for offshore platforms.

PBOC Cites February 2026 Notice on Cryptocurrency Risks

According to the official, the Solana advertising campaign violated a notice issued by eight Chinese authorities in February 2026 that addresses the prevention and handling of risks related to cryptocurrencies. The notice states that domestic cryptocurrency business activities constitute illegal financial activities.

Recent monitoring found that Solana promoted its brand through high-profile campaigns run by domestic organizations. The official described Solana as a major issuance platform, saying its coins are "essentially virtual currencies," and noted that the platform also provides technical services for issuing and trading major virtual currencies such as USDT.

These businesses are "clearly illegal financial activities" under the notice, the official said, meaning that promoting Solana violates its provisions. The official added that virtual currencies "cannot effectively meet requirements for customer identity verification and anti-money laundering," which makes them prone to triggering market speculation.

Financial Times reporters noted that the advertisements appeared on the exterior wall of the Citigroup Building in Lujiazui. The placement drew attention across the cryptocurrency industry and sparked market discussion. The Solana advertising campaign preceded the planned offline exchange events, which were halted before they began. The Financial Times also interviewed the relevant PBOC departments for the official's explanation.

China Maintains Long-Standing Stance on Virtual Currencies

China has kept a prohibitive stance on virtual currency business for years. In 2013, the PBOC and five other departments issued a notice on preventing Bitcoin risks, stating that Bitcoin cannot and should not be used as currency in the market. Regulators have issued further notices in the same policy direction since then.

A 2021 notice on virtual currency trading and speculation went further, clarifying that Bitcoin, Ethereum, and Tether do not hold legal status equivalent to fiat currencies. The February 2026 notice continued this approach.

The latest notice also sets accountability rules. Domestic entities and individuals face legal accountability if they assist foreign entities providing illegal virtual currency services and knew, or should have known, about the violation. That provision aligns with the Shanghai case, in which officials said domestic organizations ran the Solana brand campaign for an overseas platform.

Enforcement Outlook

Going forward, the PBOC said it will work with relevant departments and local governments following the Solana advertising campaign. The focus will remain on domestic virtual currency traders and China-based affiliates of overseas issuance and trading platforms. Attention is likely to center on the results of the examination into the entities and individuals involved, and on whether comparable promotional activity by overseas platforms inside China draws similar scrutiny.

The official said the PBOC will "continue to crack down on domestic virtual currency-related business activities," with the goal, according to the official, of "maintain economic and financial order."

This article is based on reporting originally published by Blockonomi.