China’s Crypto Curtain Drops on Solana’s Shanghai Stoppage

Chinese authorities halted Solana Accelerate China 2026 in Shanghai over alleged unauthorized cryptocurrency promotion involving domestic entities, China’s state-backed Financial News reported on Friday. An unidentified official from a department of the People’s Bank of China (PBOC) said Solana had promoted its brand through domestic entities, including advertisements on a building in Shanghai’s Lujiazui financial district. The official also claimed that Solana provided technical services supporting the issuance and trading of cryptocurrencies, which he described as illegal financial activities under Chinese regulations.

Solana Foundation president Lily Liu said in an Oct. 16 X post that organizers postponed the Shanghai event to “comply with local requirements” after event registration unexpectedly quadrupled, exceeding the cap pre-registered with local authorities. The Solana Foundation initially attributed the postponement to venue logistics before announcing that it would update the schedule and notify registered attendees once new arrangements were confirmed. No replacement date had been announced.

The disruption came a day after Binance co-founder Changpeng Zhao praised Solana’s growing presence in mainland China, including its Shanghai office and a citywide advertising campaign. Authorities suspended offline promotions and opened investigations into the companies and individuals involved, according to the first report.

China’s February notice from the PBOC and several other agencies reinforced existing cryptocurrency restrictions and added a ban on the unauthorized issuance of yuan-pegged stablecoins. A similar Solana-themed event in Shenzhen was cut short in October 2025 after local police made inquiries and organizers canceled the final hackathon presentation, citing overcrowding and safety concerns.