11th November, 2026
By Anjali Kochhar
China’s central bank has reportedly intervened to stop an in-person event organized around the Solana blockchain network in Shanghai, reinforcing the country’s strict restrictions on cryptocurrency-related activities. Authorities reportedly objected to promotional advertising displayed on a building ahead of the event, classifying it as an illegal promotion of crypto-related business.
Why Did China Block the Solana Event in Shanghai?
The event was scheduled for October 16, but was stopped before it could take place. The People’s Bank of China (PBOC) coordinated with local financial regulators, public security authorities and market supervision departments to prevent the gathering. Officials have also initiated an investigation into the organizations and individuals associated with the event.
According to the authorities, the main concern was an advertisement featuring Solana’s branding on the exterior wall of a Shanghai building. The central bank considered the advertisement a form of promotion for cryptocurrency-related business, which falls under China’s existing financial restrictions.
A senior PBOC official reportedly stated that Solana is a major cryptocurrency issuance platform and that its native token, SOL, qualifies as a cryptocurrency. The official also highlighted the network’s technical services connected to the issuance and trading of digital assets, including stablecoins such as USDT.
Solana Foundation Cites Capacity Issues for Event Postponement
However, the Solana Foundation presented a different explanation for the event’s postponement. Lily Liu, associated with the foundation, announced on October 16 through X that the gathering had been postponed because registrations exceeded the attendance capacity previously communicated to local authorities.
The differing explanations have raised questions about the circumstances surrounding the cancellation.
China Maintains Its Strict Crypto Restrictions
The latest development follows a regulatory notice issued on February 6, 2026, by eight Chinese authorities, including the PBOC. The notice reaffirmed the country’s restrictions on cryptocurrency-related commercial activities, including digital asset exchanges and fundraising through token issuance.
Its Article 8 specifically calls for market supervision departments to coordinate with financial regulators to address illegal cryptocurrency advertising.
Authorities have indicated that enforcement efforts will continue, particularly targeting domestic cryptocurrency trading operators and local affiliates of overseas digital asset platforms.
The decision could create additional challenges for international blockchain projects seeking visibility in mainland China. Even conventional marketing activities, including outdoor brand advertisements and promotional events, may face regulatory scrutiny.
The development also highlights China’s contrasting approach to blockchain technology. While the country continues advancing state-supported blockchain infrastructure, its restrictions on privately operated cryptocurrency businesses remain firmly in place.
For Solana and other international crypto projects, the incident serves as another indication that entering China’s market requires navigating strict regulatory boundaries. No new date has been announced for the postponed Shanghai event.
Blockwind News ANALYSIS
China’s move highlights a growing divide between blockchain innovation and crypto regulation. While governments recognise blockchain’s potential, strict restrictions on digital assets continue to limit Web3 adoption. For projects like Solana, global expansion now requires more than technological innovation; it demands navigating complex regulatory environments. The bigger question is whether regulations can protect financial systems without restricting legitimate blockchain innovation.
