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China’s central bank said on November 6, 2026 that regulators halted the Solana Accelerate China 2026 event in Shanghai and will investigate the domestic companies and individuals involved in promoting the network’s brand and its SOL token, crypto.news reported.
According to the report, a People’s Bank of China official told the state-run Financial News that Solana worked with local entities to advertise its brand, including a display on the exterior of Citigroup Tower in Shanghai’s Lujiazui financial district. The central bank coordinated with local financial regulators, police and market supervision authorities to stop the gathering.
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Key facts
- The Shanghai event was scheduled for October 16 at the Shangri-La Hotel, one stop on a tour that also listed Hangzhou, Shenzhen and Beijing between October 16 and 22.
- The PBOC cited a February 2026 notice issued by eight government agencies that bars internet companies from providing advertising, marketing or other promotional services for virtual currency businesses.
- Releases of the central bank’s remarks did not name the companies or people under investigation and announced no penalties.
- Solana Foundation President Lily Liu said registrations had quadrupled overnight and exceeded the cap the organizers had registered with local authorities.
- Binance co-founder Changpeng Zhao questioned on X whether the organizers understood local regulations, citing a similar disruption at a Solana event in Shenzhen less than a year earlier.
Two explanations for the cancellation
Reports of the shutdown first surfaced in mid-October. According to crypto.news, attendees on October 16 had trouble entering the venue and were left waiting outside, with law enforcement present; organizers initially blamed logistics. TheNewsCrypto adds that organizers told attendees the session had been postponed over last-minute venue issues.
Liu offered a different account the same day. In a post on X, she said publicity had driven registrations up sharply and that organizers could not prevent people from overwhelming the venue, so the event would be pushed back to meet local requirements. The central bank’s November 6 statements have since linked the stoppage directly to regulatory action, superseding that explanation as the official account of what happened. U.Today reported that police arrived on the morning of October 16 and that participants were held outside for more than an hour.
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How the PBOC framed the case
The official described Solana as a major cryptocurrency issuance platform and said SOL falls within China’s definition of virtual currency. The argument extends to Solana’s infrastructure supporting the issuance and trading of other tokens, including Tether’s USDT stablecoin, which the official placed among the restricted activities.
U.Today reported that the marketing push included a projection of SOL branding on the Citigroup Tower facade on the evening of October 14 and public statements about opening a Shanghai office in the building. The outlet also said the tour was promoted around topics such as AI agents and robotics rather than crypto.
Why it matters
The PBOC’s comments do not introduce a new nationwide ban on Solana, TheNewsCrypto reported. They signal that China will keep enforcing its existing prohibition on virtual currency business and will reach domestic intermediaries that help overseas platforms market to mainland users. For teams running global outreach, the case shows that visible local marketing, not just trading services, can draw a regulator’s attention. China’s position dates back to 2013, when the central bank and other agencies declared Bitcoin could not circulate as legal currency, and was tightened in 2021 when authorities classified cryptocurrency trading and related services as illegal financial activities.
What to watch
The open question is which domestic companies and individuals the central bank names in its investigation, and whether it brings any penalties. The PBOC official also said regulators would work with local governments to pursue cryptocurrency-related businesses operating in mainland China, with a focus on domestic dealers and China-based entities tied to overseas issuers and exchanges.
Sources: crypto.news, TheNewsCrypto, U.Today
