Chinese regulators stopped the Solana Accelerate event in Shanghai, citing alleged unauthorized promotional activities involving Chinese entities, according to the state-backed Financial News
Chinese regulators stopped the Solana Accelerate event in Shanghai, citing alleged unauthorized promotional activities involving Chinese entities, according to the state-backed Financial News on Friday.
An unnamed source from the People’s Bank of China said Solana promoted its brand inside China, including advertisements displayed on a building in Shanghai’s Lujiazui financial district. The official noted that such domestic advertising may violate current financial promotional rules in China.
Solana was accused by a PBOC official of facilitating technical services that support the issuance and trading of cryptocurrencies, activities considered illegal in China.
The intervention reflects China’s ongoing crackdown on cryptocurrency activity, which extends beyond trading to include related technical and promotional services. Regulators previously warned that any company offering platforms, infrastructure, or other services for digital assets could be subject to investigations or penalties.
The PBOC, China’s central bank, has spearheaded enforcement actions against crypto-related events and services across the country. China officially banned cryptocurrency trading and initial coin offerings in 2017 before broadening restrictions to cover all crypto transactions and mining activities over the following years.
Mini dictionary: Lujiazui is Shanghai’s primary financial district, known for hosting the headquarters of major Chinese and international financial institutions.
Solana, an open-source blockchain designed for high throughput decentralized applications, has rapidly grown in influence across multiple global markets. The Solana Accelerate event series aims to foster developer and community engagement on the network through hackathons, workshops, and networking in global cities.
This incident marks the second time in two years that authorities interrupted a Solana event in mainland China. In October 2025, a Solana event in Shenzhen was stopped due to concerns related to venue capacity and public safety, as communicated in an X post by the platform’s Chinese-speaking community.
Following the intervention in Shanghai, Solana Foundation president Lily Liu stated on October 16 that organizers postponed the Accelerate event in order to “comply with local requirements.” She added that the number of registrations unexpectedly multiplied fourfold, surpassing the maximum attendance previously registered with authorities.
Due to the rapid surge in registrations, organizers found they could no longer align with limits set by local regulators and made the decision to delay the event until proper compliance could be ensured.
Solana Foundation plays a key role in supporting the growth of the Solana ecosystem by coordinating global community initiatives and developer resources.
In February, the People’s Bank of China and several other agencies issued a notice reiterating restrictions on crypto activities. This latest directive included a new ban targeting the unauthorized issuance of yuan-pegged stablecoins, underscoring increased efforts to maintain strict control over domestic currency and digital asset developments.
These official measures highlight China’s uncompromising regulatory stance toward non-state-backed digital assets and related industry activities.
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