A Solana event in Shenzhen, China, was abruptly shortened on October 28, 2025, amid reports of police intervention and concerns over China's ongoing crackdown on digital assets. The Solana Accelerate APAC event, held in Shenzhen, was halted due to police intervention, reflecting China's strict regulation of crypto assets.
The cancellation occurred abruptly, with subsequent project roadshows and other segments also forced to be canceled. According to images circulated online and accounts from attendees, police entered the event location to make inquiries. The official explanation cited complaints as the reason for the cancellation. Some members of Solana's Chinese community have reportedly expressed concerns that attendees were denied entry to the blockchain event.
The incident took place against a backdrop of increasing regulatory caution in China regarding cryptocurrencies. Pan Gongsheng, governor of the People's Bank of China, had recently emphasized the continued crackdown on virtual money trading, signaling a tightening of policy. This stance contrasts with that of neighboring Hong Kong, which recently debuted the world's first Solana ETF.
The event's cancellation highlights the risks associated with promoting and facilitating crypto asset trading in mainland China. Authorities have made it clear that any offline gatherings or business activities related to crypto assets face significant policy risks and uncertainties. The Solana event, as a promotional activity for a globally recognized public chain ecosystem, apparently crossed the "red line" established by regulators, who strictly prohibit operation and speculation.
While similar Solana events were previously held smoothly in Shanghai and Hangzhou, the abrupt halt in Shenzhen indicates a shift in the regulatory environment. This change appears to be directly related to the public warning issued by the governor of the central bank. The incident underscores the divergence in regulatory approaches between mainland China and Hong Kong, with the latter embracing crypto innovation while the former maintains a strict stance.
Hong Kong's 3460/83460/9460 ETFs have outpaced U.S. regulators. U.S. firms like Grayscale have introduced staking-enabled Solana ETFs on NYSE Arca and Nasdaq. Analysts predict that regional frameworks could influence global crypto policy. This regulatory divergence highlights operational risks in mainland China versus institutional adoption in Hong Kong.
