China’s central bank confirmed on November 6 that it intervened to stop the Solana Accelerate China 2026 event in Shanghai and will investigate the companies and individuals involved in the network’s promotional activities, according to statements reported by BeInCrypto, crypto.news and CoinGape. The People’s Bank of China (PBOC) said the marketing campaign, which included high‑profile ads on the Citigroup Tower in the Lujiazui financial district, violated China’s existing cryptocurrency restrictions introduced in February 2026. The intervention came as attendees found police outside the Shangri‑La Hotel venue on October 16, preventing entry and prompting the Solana Foundation to postpone the session.

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The PBOC, speaking through its Financial News newspaper, described Solana’s activities as promotion of a virtual currency and related services, both of which are prohibited under a joint notice from eight government agencies issued in February 2026. The notice bars unauthorized crypto trading, token issuance and any assistance to overseas platforms that provide services to mainland users. Solana’s blockchain supports the issuance and trading of other tokens, including Tether’s USDT stablecoin, which the regulator said places the network within the scope of the ban. The central bank emphasized concerns over money‑laundering, inadequate customer identification and market speculation as reasons for the crackdown.

Reactions from Solana and industry figures

Solana Foundation President Lily Liu initially attributed the postponement to a surge in registrations that exceeded the venue’s approved capacity, citing an overnight quadrupling of sign‑ups. Binance co‑founder Changpeng Zhao later questioned on X whether the organizers understood local policy, recalling a similar disruption at a Solana event in Shenzhen in October 2025. Zhao’s comments highlighted the broader challenges blockchain projects face when attempting to establish a presence in a jurisdiction with strict crypto prohibitions.

Implications for crypto projects in China

The PBOC’s action signals that Chinese authorities will continue to target not only domestic traders but also foreign blockchain platforms that use local partners for marketing or service provision. Staff, contractors and partner firms linked to overseas networks are now at heightened risk of regulatory scrutiny. The incident follows earlier enforcement steps, including a late‑October crackdown on digital‑asset‑related corruption. Analysts note that the move reinforces Beijing’s strategy of building a state‑controlled blockchain ecosystem while treating public tokens and their promotion as illegal financial activity.

What to watch next

Observers will monitor whether the PBOC issues any penalties or formal notices to the identified domestic entities and individuals, and whether Solana reschedules the Shanghai session or shifts its China strategy entirely. Further developments may include additional investigations into other overseas blockchain projects operating in China, as regulators signal a broader push to enforce the February 2026 crypto ban.