PBOC halts Solana Shanghai event and probes local partners

The People’s Bank of China (PBOC) opened an investigation into the companies and individuals behind Solana’s activities in China, confirming on November 6 that authorities stopped the Solana Accelerate China 2026 event in Shanghai before it began.

Central Bank Statement Details

The PBOC communicated its findings through Financial News, a newspaper operated by the central bank. An unnamed department head provided an exclusive interview to the publication, stating that monitoring revealed Solana had used a domestic company to run high-profile advertisements for its brand and coin. These ads were displayed on the exterior wall of the Citigroup Tower in Lujiazui, Shanghai’s primary financial district.

The central bank stated that promoting Solana (SOL) violates Beijing’s existing crypto regulations. The PBOC coordinated with local financial regulators, police, and market supervisors to halt the event. The investigation will now target the specific companies and individuals involved in these activities.

Officials cited two primary reasons for the intervention. First, SOL is classified as a virtual currency. Second, the Solana network provides the technology used to issue and trade tokens, including Tether’s USDT. Both activities are considered illegal financial operations under a February 2026 notice issued by eight Chinese agencies. That notice also prohibits overseas firms from offering crypto services to mainland users without explicit approval.

Event Cancellation and Industry Reaction

The Shanghai event was originally scheduled for October 16 at the Shangri-La Hotel. On the morning of the event, organizers emailed guests that venue logistics had forced a postponement. The email did not mention police involvement. Reports from that day indicated officers kept guests outside for more than an hour. The PBOC’s statement on November 6 confirmed that authorities had halted the event.

Lily Liu, President of the Solana Foundation, addressed the cancellation by noting that event registrations had quadrupled overnight, exceeding the attendance cap filed with local authorities. She attributed the decision to overcrowding risks and local requirements rather than a direct regulatory order. Liu stated that the organization displayed Solana branding prominently to reflect the community’s engagement in China.

Changpeng Zhao, founder of Binance, responded on X by asking whether organizers understood local policy. In the days prior to the Shanghai event, Zhao had praised Solana’s new Shanghai office, describing it as a step that BNB Chain had not managed to achieve.

This incident follows a previous encounter in October 2025, when officers questioned Solana’s Accelerate APAC event in Shenzhen. Organizers subsequently cut a hackathon session during that event. Mainland China has banned crypto trading since 2021, and the PBOC’s statement framed the current action as a continuation of that policy. The central bank did not name specific companies, individuals, or penalties in its announcement.

Solana’s tour had listed stops in Hangzhou, Shenzhen, and Beijing. The PBOC stated that events in Shanghai and other locations were halted. SOL traded at $90.05 at the time of reporting, down 7% in the preceding 24 hours. The PBOC indicated its next targets are domestic crypto traders and the mainland arms of overseas crypto platforms.