In a decisive move, the People’s Bank of China and Shanghai police have jointly suspended the Solana “Accelerate China 2026” promotional tour. The operation halted events in Shanghai and prompted investigations into local individuals and firms allegedly providing logistical and public relations support to the organization.
Iconic Light Display Triggers Crackdown
The inquiry focuses on the tour’s offline promotional activities, particularly an incident on October 14 when groups linked to Solana projected the SOL token logo onto Citigroup Tower in Shanghai’s financial hub, Lujiazui. Following this, public statements were made by several executives, including Solana Foundation President Lily Lu, about the opening of a new office in Shanghai.
The People’s Bank of China characterized the building’s façade advertisement and its related activities as illegal promotion of virtual assets.
This campaign stirred immediate reactions within cryptocurrency circles. Binance founder Changpeng Zhao expressed surprise at Solana’s ability to promote and establish an office in China. Such developments lead market participants to closely monitor official statements and market responses. CryptoAppsy, with its integrated news feed and price alert tools, can facilitate keeping up with sudden shifts involving $SOL.
Rebranding Efforts Target Technological Frontiers
Event organizers sought to circumvent regulatory barriers by framing the tour not under cryptocurrency but through the lens of artificial intelligence, robotics, and IT development. The promotional approach emphasized technology rather than blockchain in marketing the tour across Shanghai, Hangzhou, Shenzhen, and Beijing.
Nevertheless, Chinese officials did not accept this repositioning. A planned session at the Shangri-La Hotel on the morning of October 16 was disrupted by police, leaving attendees waiting outside for over an hour.
Lily Lu contended that the cancellation was due to the venue’s inability to accommodate a fourfold increase in applications.
People’s Bank of China Clarifies Position
In an interview with state agency Financial News on November 6, People’s Bank of China representatives explicitly outlined the situation. They maintained that the SOL token is a cryptocurrency and that Solana’s infrastructure facilitates not only token issuance but also stablecoin circulation like USDT, activities reportedly prohibited by regulations.
Moreover, the Solana Foundation is accused of breaching a February 2026 crypto-risks agreement jointly issued by eight Chinese institutions. The regulation bans the promotion of overseas crypto projects and holds Chinese citizens and companies supporting these activities accountable.
Although the Solana Foundation has not issued an official response, Chinese authorities’ latest stance suggests a potential intensification of scrutiny against foreign blockchain networks and their mainland operations.
