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China’s central financial institution confirmed on November 6, 2026, that authorities halted Solana’s Speed up China 2026 crypto occasion in Shanghai on October 16 over prohibited promotional exercise. The intervention adopted an promoting marketing campaign that includes SOL branding on a skyscraper, and authorities are investigating native firms and people who helped set up the promotion.
The Individuals’s Financial institution of China coordinated with Shanghai police, native monetary regulators and market supervision authorities to cease the gathering. The marketing campaign included a big show on Citigroup Tower in Shanghai’s Lujiazui monetary district on October 14.
Authorities thought of the offline advertising too aggressive. A central bank official stated the marketing campaign constituted unlawful cryptocurrency promotion below China’s present restrictions.
China’s halt of Solana’s crypto occasion places native companions below investigation
The investigation targets home entities and people who assisted Solana’s promotional actions, together with logistics and public relations. The official linked the motion to February 2026 restrictions issued by the central financial institution and 7 different businesses.
The official stated SOL qualifies as digital forex and that Solana’s infrastructure helps cryptocurrency issuance and buying and selling, together with exercise involving Tether’s USDT stablecoin. Authorities think about these providers restricted and the model promotion a violation of the principles.
Solana Basis President Lily Liu had supplied a special rationalization on October 16: registrations quadrupled in a single day, exceeding the venue’s permitted capability. She stated organizers postponed the gathering to adjust to native necessities. Solana has not commented on the investigation.
Buying and selling continued alongside the regulatory strain. Pluang information confirmed SOL down 5.83% over sooner or later as of November 6, with promoting accounting for 52% of order exercise. Market capitalization stood at Rp968.31 trillion, whereas 24-hour buying and selling quantity reached Rp72.13 trillion.
The central financial institution official stated additional enforcement would goal home cryptocurrency sellers and China-based entities related to abroad cryptocurrency issuance and buying and selling platforms.
Article produced with the help of synthetic intelligence and reviewed by the editorial crew.
