Solana’s Shanghai glow-up hit a regulator-sized plot twist 🧢

China’s central bank halted Solana Accelerate China 2026 in Shanghai on November 6, 2026, confirming that authorities stopped the October 16 event before it began and opened an investigation into the companies and individuals involved.

The People’s Bank of China (PBOC), speaking through its Financial News outlet, said Solana had promoted its brand and coin through domestic entities, including advertisements on the outside wall of the Citigroup Tower in Shanghai’s Lujiazui financial district. An unnamed department head said Solana’s technical services support the issuance and trading of cryptocurrencies such as Tether’s dollar-pegged USDT, which the official characterized as illegal financial activity under Chinese regulations.

Solana Foundation President Lily Liu said organizers postponed the event “to comply with local requirements” after registrations unexpectedly quadrupled overnight, exceeding the attendance cap filed with local authorities. Attendees had initially been told that venue logistics forced the postponement, and officers reportedly kept guests outside for more than an hour.

The Shanghai disruption followed a February 2026 notice from eight Chinese agencies that reinforced restrictions on cryptocurrency activity, prohibited the unauthorized issuance of yuan-pegged stablecoins and barred overseas firms from offering crypto services to mainland users without approval. Mainland China has banned crypto trading since 2021.

Solana had also faced disruption at an October 2025 event in Shenzhen, where police questioned organizers and the final hackathon presentation was canceled because of overcrowding and safety concerns. Binance co-founder Changpeng Zhao had praised Solana’s growing presence in mainland China, including its Shanghai office and citywide advertising campaign, shortly before the latest event was stopped. No replacement date for Solana Accelerate China 2026 has been announced.