China Opens Solana Investigation After Police Stop Shanghai Event

China’s central bank opened an investigation into the companies and individuals involved in Solana’s activities in China and confirmed on November 6 that authorities halted Solana’s Shanghai event before it opened. The People’s Bank of China, communicating through its Financial News newspaper, said promoting Solana (SOL) violates Chinese crypto rules because SOL is a virtual currency and Solana provides technology for issuing and trading tokens such as Tether’s USDT. Those activities are illegal under a February 2026 notice from eight Chinese agencies, which also requires overseas crypto firms to obtain approval before serving mainland users. The stopped event, Solana Accelerate China 2026, had been scheduled for October 16 at Shanghai’s Shangri-La Hotel; mainland China has banned crypto trading since 2021.