China’s Solana Crackdown Exposes Risks for Offshore Crypto Firms

China’s central bank confirmed regulatory intervention against Solana’s Shanghai promotional campaign and announced an investigation into those involved. The October shutdown followed prominent advertising, a newly publicized Shanghai office and reports of police at the event venue. China’s February 2026 rules provide distinct enforcement mechanisms covering advertising, online promotion and assistance to prohibited offshore cryptocurrency services. Solana’s ambitious return to mainland China’s technology scene ended in regulatory intervention after its advertising campaign in Shanghai attracted scrutiny from the country’s central bank.