Solana in China's sights: the central bank opens an investigation

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https://cryptoast.fr/chine-banque-centrale-enquete-solana-shanghai-accelerate/

The People's Bank of China (PBOC) confirmed on Friday November 6 that it had banned several events organized by Solana on its territory. She also announced the opening of an investigation targeting companies and the people involved in their organization.

In a statement published by Financial News, a newspaper under its supervision, the central bank explains that it discovered that Solana was promoting its network and its cryptocurrency with the help of Chinese companies.

An advertising campaign was notably broadcast on the facade of the Citigroup Tower, in the Lujiazui financial district, in Shanghai.

The PBOC claims to have coordinated its intervention with local financial authorities, police and market watchdogs to prevent the “Solana Accelerate China 2026” tour from taking place.

Planned in four cities, Shanghai, Hangzhou, Shenzhen and Beijing, it was to bring together developers and companies around blockchain, artificial intelligence and payments. The authorities did not specify which companies were targeted by the investigation, nor announced sanctions.

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The Shanghai event was scheduled to be held on October 16 at the Shangri-La Hotel. But a few hours before its opening, the organizers had warned participants of its postponement, citing logistical problems.

However, several police officers were present on site, preventing participants from accessing the establishment for more than an hour. Lily Liu, president of the Solana Foundation, then explained that registrations had quadrupled overnight, far exceeding the capacity declared to local authorities.

Changpeng Zhao, founder of Binance, then questioned the organizers' knowledge of Chinese regulations. A precedent had already taken place in October 2025 in Shenzhen, where the police interrupted a Solana event, leading in particular to the cancellation of a hackathon, an IT development competition.

The Chinese central bank justifies its intervention by the regulations that came into force last February. Published jointly by eight administrations, it reaffirms the ban on financial activities linked to cryptocurrencies on Chinese territory, already in place since 2021.

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Machine-translated from French