Solana, which operates one of the world’s largest cryptocurrencies, has cancelled a high-profile event in Shanghai at the last minute as local police appeared on site, according to social media posts, just a day after the firm touted the opening of a fancy new office in the city.
Solana was slated to host its Solana Accelerate China event in Shanghai on Friday morning, part of a week-long event across major cities in mainland China. Shortly before the event kicked off, however, the company said in an email update to attendees that the programme had to be “postponed” due to “last-minute logistical considerations”, according to screenshots circulating on social media.
Social media posts also indicated that a few local police officers showed up at the event venue. Solana did not immediately respond to a request for comment.
The abrupt suspension of the event followed a splashy marketing campaign in the city earlier this week, which raised questions about how the company was able to do so amid Beijing’s strict ban on crypto-related business activities.
Solana had taken office space in Shanghai’s Pudong district, according to social media posts released by company executives on Wednesday.
Vibhu Norby, Solana Foundation’s chief product officer, wrote in a post on X that the company had occupied “the highest commercially available office space in the world”, with an accompanying video showing an office with sweeping views of the Huangpu River and riverside skyscrapers including the Aurora Plaza.
The video also showed an office reception area adorned with Solana logos and the Chinese characters for “grand opening”.
Solana Foundation president Lily Liu, meanwhile, posted a photo on X of a massive digital ad for the firm covering the facade of Shanghai’s Citigroup Tower.
Videos circulating online indicated that the crypto firm hosted an event aboard a riverboat in Shanghai on Wednesday night, with Solana co-founder Anatoly Yakovenko in attendance.
Solana’s cryptocurrency was the world’s seventh largest token by market value on Thursday, according to CoinMarketCap.
The splashy moves from Solana came as a surprise for some in the industry, given China’s strict ban on crypto-related businesses.
“So high-profile, a bit unexpected,” wrote Liu Honglin, founder and director of the blockchain-focused Mankun Law Firm in Shanghai, in a social media post on Wednesday.
While China was once the birthplace of many crypto businesses, an escalating crackdown from Beijing over the years has driven Chinese crypto firms and founders overseas.
Binance founder Zhao Changpeng said on X on Thursday that it was “amazing to see that Solana was able to advertise and even get an office in China”.
BNB Chain – the blockchain developed by Binance, the world’s largest crypto exchange – “was not able to do this, so far”, Zhao said.
Solana’s attention-grabbing moves in Shanghai preceded a series of events it is set to host across mainland China this month. The 2026 Solana Accelerate China tour will take place in Shanghai, Hangzhou, Shenzhen and Beijing from October 16 to 22, according to its website.
“Excited to meet local builders and see what’s being built on Solana,” wrote Rachel Conlan, Solana’s chief strategy officer, in a post on X on Wednesday ahead of the Shanghai event.
Solana Foundation, which focuses on the blockchain behind the Solana crypto token, had been “investing heavily” to support mainland China’s developer ecosystem, president Liu said at a blockchain industry summit in Shanghai last October. The foundation hoped to deepen collaboration with the mainland in areas such as decentralised payments and artificial intelligence, she added.
Still, the firm’s foray into mainland China has faced challenges. Last October, Solana’s Accelerate APAC event in Shenzhen was cut short by a local police inquiry – though organisers attributed the disruption to overcapacity at the venue.
Justin d’Anethan, head of research at private markets advisory firm Arctic Digital, saw Solana’s Shanghai ventures as more about “physical presence and engagement at the technological level” than “a full-blown advertising campaign for the token or an engagement to trade”.
The company was likely aiming to gain a foothold in the region to engage companies and talents in areas such as AI, payments and security, he added.
The broader US-China rivalry could be providing a window of opportunity for overseas crypto firms eyeing the Chinese market, according to d’Anethan.
“With the US racing forward in AI, robotics, space exploration, biotech and more, and with China competing hard on all fronts, it’s not surprising that crypto projects would see an opportunity,” d’Anethan said.
“One can see this both as a win for China and a positive expansion for an American project into Asia.” -- SOUTH CHINA MORNING POST
