Chinese authorities shut down Solana event in Shanghai citing regulatory violations: Report
An unnamed official from the People's Bank of China informed China's Financial News that Solana's marketing activities conducted via local Chinese companies breached the nation's cryptocurrency regulations.
Authorities in China stopped the Solana Accelerate gathering in Shanghai due to purported unauthorized marketing operations that involved local Chinese businesses, according to a Friday report from the state-supported publication China's Financial News.
The same official further asserted that Solana offers technological infrastructure that facilitates the creation and exchange of digital currencies, activities which he characterized as unlawful financial operations under China's existing regulatory framework.
This incident represents the second documented interruption of a Solana-related gathering on mainland Chinese territory within the last two years, underscoring how the nation's regulatory measures reach beyond merely prohibiting digital asset transactions. A Solana event held in Shenzhen during October 2025 was similarly terminated prematurely due to issues related to venue capacity limitations and public safety considerations, as indicated in an X platform announcement from Solana's Chinese-language community.
In an X post dated Oct. 16, Lily Liu, who serves as president of the Solana Foundation, stated that event organizers delayed the Shanghai gathering in order to "comply with local requirements" following an unexpected quadrupling of event registrations that surpassed the attendance limit that had been pre-registered with local governmental authorities.
Through a February notice, the PBOC alongside multiple other regulatory agencies reinforced existing cryptocurrency-related prohibitions and introduced an additional restriction banning the unauthorized creation of stablecoins pegged to the yuan.