Solana’s Shanghai Event Halted: PBOC Cites Unauthorized Crypto Promotion

A Solana promotional event in Shanghai was reportedly halted after China’s central bank flagged unauthorized crypto promotion. According to China’s Financial News, an unnamed official from the People’s Bank of China (PBOC) said Solana’s campaigns through domestic entities violated China’s restrictions on cryptocurrency-related activities. The event was part of Solana’s broader push to engage developers and users in China, a market where crypto trading and promotion face strict regulatory limits. The PBOC has maintained a firm stance against crypto since 2017, banning exchanges and ICOs, and later cracking down on mining and all crypto transactions in 2021. This incident underscores the ongoing regulatory risks for foreign blockchain projects seeking visibility in China. While Solana has not publicly commented on the report, the halt signals that even non-custodial or developer-focused events can draw scrutiny if they involve local partners or promotional activities. For the global crypto industry, this serves as a reminder that China’s regulatory environment remains highly restrictive, and compliance with local laws is critical for any market engagement. The Solana Foundation may need to reassess its Asia strategy to avoid further regulatory friction.