The People’s Bank of China has launched an investigation into individuals and entities associated with Solana’s operations in the country. This follows the intervention of local authorities who halted the Solana Accelerate China 2026 event in Shanghai on October 16, 2026, before it could commence at the Shangri-La Hotel.
According to the central bank, the promotion of Solana and its native token, SOL, violates national regulations regarding virtual currencies. Officials specifically cited the provision of technology for issuing and trading tokens like USDT as illegal financial activity under a February 2026 notice issued by eight Chinese agencies.
The investigation was prompted by high-profile advertising campaigns for Solana displayed on the Citigroup Tower in Shanghai. The central bank confirmed that it coordinated with police and market regulators to stop the event, noting that similar gatherings planned for Hangzhou, Shenzhen, and Beijing were also blocked.
While Solana Foundation President Lily Liu previously attributed the event cancellation to logistical issues and overcrowding, the central bank has clarified that the shutdown was a regulatory enforcement action. The authorities are now targeting domestic partners, contractors, and staff working for foreign crypto networks within mainland China.
