Solana Faces China Probe After Police Intervene in Shanghai Event

China's central bank is probing the firms and individuals involved in Solana's operations within the country. On November 6, it also verified that authorities prevented the Shanghai event from opening.

The PBOC stated that the promotion of Solana runs afoul of Beijing's cryptocurrency regulations. This places its local partners in legal danger and hampers its effort to court Chinese software developers.

What Were the PBOC's Remarks Concerning Solana?

The central bank delivered its message via Financial News, a newspaper it operates. An unnamed department head, according to reports, granted the publication an exclusive interview.

The official noted that surveillance indicated Solana had utilized a local company to display billboard advertisements for its brand and cryptocurrency. These ads were placed on the exterior of the Citigroup Tower in Lujiazui, Shanghai's primary financial area.

Together with regional financial regulators, police, and market oversight bodies, the PBOC moved to shut down the event, known as Solana Accelerate China 2026.

INTEL: China's central bank stops Solana's Shanghai event before it starts

— Solid Intel 📡 (@solidintel_x) November 6, 2026

An investigation into all relevant companies and individuals has now been initiated.

The official cited two reasons:

• SOL is a form of virtual currency.

• Solana supplies the technological infrastructure for issuing and exchanging tokens such as Tether's dollar-pegged USDT.

The notice from February 2026, issued by eight Chinese agencies, designates both as unlawful financial activity. This notice, as reported by Xinhua, also prohibits foreign companies from providing crypto services to mainland users unless they have received approval.

Why Did Solana Cite Logistics for Its Shanghai Event?

The Shanghai leg was planned for October 16 at the Shangri-La Hotel. On the morning of the event, organizers told attendees via email that a postponement was due to venue logistics.

The email made no reference to police. On that day, BeInCrypto stated that officers prevented guests from entering for over an hour. The PBOC has since confirmed that the event was stopped by authorities.

Later, Solana Foundation President Lily Liu announced that sign-ups had increased fourfold overnight, exceeding the attendance limit that was registered with local authorities. She attributed the cancellation to overcrowding concerns and local rules, not a regulatory directive.

We put Solana on the big screen because that’s the big heart Solana has for the Chinese community, and that’s the warm welcome we are so thankful to feel from the Chinese community.

Due to the publicity, event registrations quadrupled overnight, far exceeding the event cap we…

— Lily Liu (@calilyliu) October 16, 2026

On X, Binance founder Changpeng Zhao inquired whether the organizers comprehended local regulations. A few days prior, he had complimented Solana's new Shanghai location as an achievement BNB Chain had not reached.

This encounter with Chinese police was not the first for Solana.

In October 2025, police interrogated participants at its Accelerate APAC event in Shenzhen, and a hackathon session was eliminated by organizers.

How Does China's Crypto Ban Affect Solana and SOL?

Mainland China has prohibited cryptocurrency trading since 2021. Even before this announcement, Chinese residents could not lawfully purchase SOL domestically.

Financial News presented the investigation as a reinforcement of that existing policy. The PBOC did not identify any companies, individuals, or punishments.

The next focus is on domestic cryptocurrency traders and the mainland branches of international cryptocurrency exchanges. This places employees, contractors, and partner companies who work for foreign networks inside China in the most vulnerable position.

At the time of writing, SOL was trading at $90.05, a 7% decrease in the past day. This dip may not be solely connected to the China developments, given the overall downturn in the cryptocurrency market.

The tour had also scheduled visits to Hangzhou, Shenzhen, and Beijing. The PBOC reported that both Shanghai and other events were halted.

This case demonstrates where Beijing draws the boundary. It is constructing its own national blockchain infrastructure while regarding publicly traded tokens and those who promote them as illegal financial activities.