China Opens Solana Investigation After Police Stop Shanghai Event
China’s central financial institution has opened an investigation into the businesses and folks behind Solana’s actions in China. It additionally confirmed on November 6 that authorities stopped Solana’s Shanghai occasion earlier than doorways opened.
The People’s Bank of China (PBOC) mentioned selling Solana (SOL) itself breaks Beijing’s crypto guidelines. That places Solana’s native companions at authorized threat and clouds its push to win Chinese software program builders.
What Did China’s Central Bank Say About Solana?
The PBOC spoke by means of Financial News, a newspaper the central financial institution runs. An unnamed division head reportedly gave the paper an unique interview.
The official mentioned monitoring confirmed Solana utilizing a home firm to run high-profile adverts for its model and coin. Those adverts appeared on the surface wall of the Citigroup Tower in Lujiazui, Shanghai’s principal monetary district.
The PBOC labored with native monetary regulators, police, and market supervisors to cease the occasion, known as Solana Accelerate China 2026.
It will now examine the businesses and people concerned.
The official gave two causes:
- SOL is a digital forex, and
- Solana offers expertise used to difficulty and commerce tokens comparable to Tether’s dollar-pegged USDT.
Both depend as unlawful monetary exercise below a February 2026 discover from eight Chinese companies. That discover, reported by Xinhua, additionally bars abroad corporations from providing crypto companies to mainland customers with out approval.
Why Did Solana Blame Logistics?
The Shanghai cease was set for October 16 on the Shangri-La Hotel. That morning, organizers emailed friends that venue logistics had compelled a postponement.
The e-mail didn’t point out police. BeInCrypto reported that day that officers kept guests outside for greater than an hour. The PBOC account now confirms authorities halted the occasion.
Solana Foundation President Lily Liu later mentioned registrations had quadrupled in a single day, passing the attendance cap filed with native authorities. She cited overcrowding threat and native necessities, not a regulatory order.
Binance founder Changpeng Zhao (CZ) requested on X whether or not organizers understood native coverage. Days earlier, he had praised Solana’s new Shanghai office as a step BNB Chain had not managed.
It was not Solana’s first brush with Chinese police.
In October 2025, officers questioned its Accelerate APAC occasion in Shenzhen, and organizers minimize a hackathon session.
Is Solana Banned in China, and What Happens to SOL?
Mainland China has banned crypto buying and selling since 2021. Chinese residents already couldn’t legally purchase SOL at residence earlier than this assertion.
Financial News framed the motion as a continuation of that coverage. The PBOC named no corporations, individuals, or penalties.
Its subsequent targets are home crypto merchants and the mainland arms of abroad crypto platforms. That places employees, contractors, and companion corporations working for overseas networks inside China most instantly within the line of fireside.
SOL traded at $90.05 as of this writing, down 7% in 24 hours. This decline might not be restricted to the China scenario, because the broader crypto market stays down.
The tour had additionally listed stops in Hangzhou, Shenzhen, and Beijing. The PBOC mentioned occasions in Shanghai and different places have been halted.
The case exhibits the place Beijing attracts its line. It is constructing its personal national blockchain network whereas treating public tokens, and their entrepreneurs, as unlawful finance.
The publish China Opens Solana Investigation After Police Stop Shanghai Event appeared first on BeInCrypto.