In this article5 sections
The People’s Bank of China is preparing to investigate Solana’s activities in the country, including its new Shanghai office and its dealings with local operators, according to reporting by Cointribune. Bitcoin.com News, citing South China Morning Post reports, reported the same plan on November 10 and framed it as a fresh crackdown on crypto activity.
Key facts
- Financial News, a media outlet tied to the central bank, described Solana as a virtual currency issuance platform offering issuance and trading services for digital assets.
- An unnamed PBOC official said such activities carry no authorization in China and are illegal under a notice issued in February by eight government agencies and the PBOC.
- The Solana Accelerate event in Shanghai was suspended on October 16 after attendance exceeded the number registered with local authorities.
- Bitcoin.com News reported that the suspension involved law enforcement on site with direct PBOC involvement, and that an investigation into entities and individuals tied to the event is pending.
- Solana Foundation president Lily Liu said the event was halted so the organization could better accommodate the breadth and scale of its community.
A Shanghai office that surprised the industry
The scrutiny follows the Solana Foundation’s opening of a commercial office in Shanghai, a move that drew attention given Beijing’s long-standing restrictions on crypto. The launch included a light show in the Lujiazui district projecting Solana’s colors on the glass facade of the Citibank tower.
Also read: China Sets 2030 Deadline for National Blockchain Network
Changpeng “CZ” Zhao, co-founder of Binance, publicly noted how unexpected the presence was. Bitcoin.com News quoted him saying it was amazing that Solana could advertise and even get an office in China. Cointribune reported that he highlighted both the surprising nature of the office and the publicity carried out in the country.
Both outlets stress that an office opening did not amount to general authorization for crypto business. The unnamed PBOC official cited the February notice, which states that overseas entities and individuals may not, in any form, illegally provide real-world asset tokenization services to domestic entities.
Event themes avoided trading
According to the reports, Solana Accelerate was framed around technology topics including artificial intelligence, robotics, physical AI, emerging markets and local business development. Trading and speculation on cryptocurrencies were not on the announced agenda.
Liu’s explanation pointed to capacity rather than a regulatory stop. Per Cointribune, she said the venue could no longer hold all registered attendees and that the organization suspended the meeting to respond to the size of its community. The South China Morning Post reporting, cited by both outlets, tied the on-site law enforcement presence to the central bank.
Why it matters
The case tests how far foreign crypto projects can build local commercial links in China without breaching rules that have kept most exchanges and token platforms out of the mainland. It also signals that visible marketing and community events can draw enforcement attention even when they avoid trading content. For Solana, the practical question is which parts of its China presence authorities consider permissible.
What to watch
The central bank has said it will work with relevant departments and local governments, focusing on domestic virtual currency dealers and domestic entities tied to overseas issuance or trading platforms. The scope and conclusions of the announced investigation, and any formal action against Solana-linked entities, are the next markers.
Reported by Cointribune.
Sources: Cointribune, Bitcoin.com News