SHANGHAI — Chinese authorities shut down the Solana Accelerate event in Shanghai, accusing the blockchain network of running unauthorized promotional campaigns through domestic entities.
A People's Bank of China official told China's Financial News that Solana placed advertisements on a building in Shanghai's Lujiazui financial district and provided technical services supporting cryptocurrency issuance and trading — both violations under China's crypto restrictions.
This is the second Solana event disrupted in mainland China in two years. A previous Solana gathering in Shenzhen in October 2025 was also halted, though organizers cited venue capacity and safety concerns at the time.
Solana Foundation President Lily Liu said on X that organizers postponed the Shanghai event to comply with local requirements after registration unexpectedly quadrupled beyond the pre-approved participant cap.
The move reflects China's hardening stance on crypto activity. In February, the PBOC and other agencies reinforced existing restrictions and introduced a new ban on unauthorized yuan-pegged stablecoins. Beijing continues to block digital asset operations within its borders.
