The People's Bank of China (PBOC) has initiated an investigation into companies and individuals involved in promoting Solana in the country. On November 6, the regulator officially confirmed that authorities shut down a Solana event in Shanghai before it even opened. Not only the organizers but the entire pool of local ecosystem partners have come under scrutiny.

The PBOC stated that activity around Solana (SOL) contradicts the cryptocurrency regulations in force in Beijing. Chinese partners of the network now bear direct regulatory risks, and Solana's plans to attract local developers have been called into question.

The Regulator's Position

The People's Bank of China spoke through its own publication, Financial News, which received an exclusive comment from one of the heads of the relevant department — his name was not disclosed.

According to the regulator's monitoring, Solana engaged a local company for a large-scale advertising campaign for its network and token. The advertising appeared, in particular, on the exterior wall of the Citigroup Tower skyscraper in the Lujiazui district — Shanghai's key financial center.

The PBOC coordinated actions with local financial regulators, police, and supervisory authorities to stop Solana Accelerate China 2026. The investigation will now cover all involved companies and individuals.

The official cited two main grounds for the claims:

  • SOL is a virtual currency;
  • Solana's technology is used for issuing and trading tokens, including stablecoins such as Tether's USDT, which is pegged to the US dollar.

Both points fall under the definition of illegal financial activity according to a February 2026 notice from eight Chinese agencies. The document also prohibits foreign companies from providing crypto services to users in mainland China without special approval.

Solana's Version: Logistics, Not the Regulator

The Shanghai event was scheduled for October 16 at the Shangri-La hotel. On the day of the event, the organizers sent guests a letter explaining the postponement on logistical grounds — the police were not mentioned in it. At the same time, police held guests outside for more than an hour, and the PBOC's statement confirms that the reason for the cancellation was indeed the intervention of the authorities.

Solana Foundation President Lily Liu later stated that the number of registered participants quadrupled overnight and exceeded the limit agreed with local authorities. She cited the risk of overcrowding and local regulations rather than regulatory requirements.

Binance founder Changpeng Zhao (CZ) asked on X whether the organizers were familiar with local rules. A few days earlier, he had praised Solana's new office in Shanghai, noting that BNB Chain had not been able to achieve the same.

This is not Solana's first conflict with the Chinese authorities: in October 2025, police questioned the Accelerate APAC event in Shenzhen, prompting the organizers to cancel the hackathon.

Solana's Status in China and SOL's Prospects

Cryptocurrency trading has been banned in mainland China since 2021, so residents of the country could not legally buy SOL even before this statement. The PBOC did not name specific companies, individuals, or sanctions. The regulator's next targets are identified as local traders and the mainland divisions of foreign crypto platforms — this directly affects employees, contractors, and partners of foreign blockchain projects.

At the time of publication, SOL was trading at $90.05 — a 7% decline over the day. The pressure is not only due to the situation in China: the overall cryptocurrency market also remains under pressure. The tour route also included Hangzhou, Shenzhen, and Beijing; the PBOC stated that events in Shanghai and other cities were stopped.

The case demonstrates where Beijing draws the line. China is building its own national blockchain network and considers public tokens and their promotion to be illegal financial instruments.

Cryptalist Analysis: The case confirms Beijing's hard line on public blockchains and creates reputational and operational risk for foreign ecosystems attempting to establish a foothold in the Chinese market. For SOL, this is more of a local negative factor, amplified by the broader market correction, than a structural blow to the network. Further dynamics will depend on how broadly the regulator interprets the circle of "involved" partners and whether the investigation escalates into targeted sanctions.