China Halts Solana Shanghai Event and Opens Investigation

Chinese authorities stopped Solana Accelerate China 2026 in Shanghai before it opened and will investigate domestic entities and individuals involved in promoting the cryptocurrency network, according to an unnamed People’s Bank of China official. The official said regulators halted the event after finding that Solana’s brand had been promoted through domestic entities in ways that violated Chinese rules on cryptocurrency-related activity. The official said authorities coordinated with local financial regulators, police and market-supervision officials to stop the gathering. One example cited was advertising on the exterior of Citigroup Tower in Shanghai’s Lujiazui financial district. The official said the promotion violated a February 2026 notice issued by eight Chinese authorities, which classifies domestic virtual-currency business activities as illegal financial activities and restricts marketing and promotional services by internet companies and other entities. The official also described Solana as providing technical services that support the issuance and trading of virtual currencies, including USDT, and said those activities fall under the restrictions. The account did...