China's central bank is investigating Solana after an illegal promotional event was shut down in Shanghai, according to a report.
The People's Bank of China has started an inquiry into Solana following the closure of an "illegal" promotional event for the blockchain platform last month.
A central bank official told the Chinese Financial Times that no more in-person Solana promotional events will be permitted in the country, the report states.
The central bank and multiple local regulators will also look into Solana and related individuals.
According to the report, Solana's operations as a virtual currency provider contravene China's 2021 cryptocurrency regulations, and its promotional activities also break those rules.
In October last year, Solana attempted to hold a week-long promotional event in Shanghai, marking what it said was the acquisition of an office in the city's Pudong district.
The "Solana Accelerate China" event was called off at short notice, with Solana citing "logistical considerations," as attendees observed Chinese police at the venue.
Prior to the cancellation, a large Solana logo was displayed on Shanghai's Citigroup Tower, and a separate event was held on a riverboat.
ni hao shanghai
— Solana (@solana) October 14, 2026
Following the event, Binance co-founder Changpeng Zhao remarked that it was "amazing to see that Solana was able to advertise and even get an office in China," adding that Binance had not managed to do the same.
Beijing has taken a negative stance on cryptocurrencies since 2013, when it enacted anti-Bitcoin laws. A subsequent crackdown in 2021 made crypto use illegal within the country.
The latest legislation this year continues to ban crypto but includes a fresh clause prohibiting offshore Chinese entities and individuals from offering crypto services to people in China.
Additional limits on stablecoins and real-world asset tokenization have also been put in place.
At the time of this report, Solana's price stands at $90, a 15% decline since the October 16 shutdown of its promotional event.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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