The People’s Bank of China has opened an investigation into the entities and individuals involved in a Solana advertising campaign in Shanghai, notably on the facade of the Citigroup Tower in the Lujiazui financial district. Authorities also halted the Solana Accelerate China 2026 events before they opened, confirming an intervention that had been reported after the Shanghai stage was cancelled in October. According to the central bank, promoting the network and its services, including the issuance and trading of tokens such as USDT, violates Chinese restrictions on cryptocurrencies and related advertising. A document published on February 6, 2026, by eight government departments maintains the ban on cryptocurrency-related financial activities on the mainland and repeals the 2021 circular, although no planned sanctions have been specified. Hong Kong retains a separate framework for stablecoins backed by official currencies, with licensing required since August 1, 2025, but this opening does not authorize their promotion in mainland China.
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