NY seeks $1.37 billion from NovaTech crypto Ponzi scheme operators
NY Attorney General Letitia James is pursuing a $1.37 billion judgment against the operators of the NovaTech crypto Ponzi scheme, with founders having fled…
Solana Shanghai event postponed after police presence; CZ questions if organizers knew China's crypto rules.
Attendees reported that several law enforcement officers kept guests outside the Shangri-La Hotel on Friday morning, leading organizers to postpone the Solana Shanghai event. The official email cited venue logistics.
The delay occurred just two days after the Solana Foundation unveiled a new Shanghai office. Since 2021, mainland China has prohibited crypto trading, though blockchain technology remains legal.
An attendee on X noted that officers were stationed at the hotel entrance. Guests waited outside for over an hour, and the program never commenced.
In a subsequent email to registered participants, the Solana Accelerate China team attributed the postponement of the morning agenda to venue logistics.
The team apologized for the last-minute change and stated they would contact attendees directly once a new schedule is set. The email did not reference the law enforcement officers.
Binance founder Changpeng Zhao (CZ) described the situation as "sad to see" on X. He wondered if organizers truly did not understand the local regulations and pointed out that a similar disruption occurred less than a year ago.
Sad to see. Looks like they really didn't know the local policies? But it's not the first time either, same thing happened less than a year ago: https://t.co/c2lI8p2r9w https://t.co/n2Zv1hpIyZ
— CZ 🔶 BNB (@cz_binance) October 16, 2026
Only days before, he had welcomed Solana's new Shanghai office as a positive development for the entire industry, noting that BNB Chain had not yet made a similar move.
CZ referred to the Solana Accelerate APAC event in Shenzhen in October 2025. Local police conducted an on-site inquiry there, and organizers shortened the final hackathon session, citing overcrowding.
This makes the Solana Shanghai event the second Solana gathering in China to face disruption within a year.
Meanwhile, a February joint notice prohibited unauthorized yuan-pegged stablecoins and reinforced the overall crypto ban.
Concurrently, the Chinese state is developing its own national blockchain network, which does not involve tokens.
That places Solana's China expansion in an awkward position. Coinbase also operates in a similar gray area after reportedly providing easier access for mainland users.
CZ's question now looms over the remaining stops in the series, including Hangzhou, Shenzhen, and Beijing. For foreign crypto firms, the Solana Shanghai event serves as a reminder to verify local regulations beforehand.
Share to
Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
NY Attorney General Letitia James is pursuing a $1.37 billion judgment against the operators of the NovaTech crypto Ponzi scheme, with founders having fled…
South Korea's central bank announced plans to regulate stablecoins under foreign exchange law. The country's crypto tax and digital asset bill face…
Mason Lynaugh says crypto voters are a low-propensity swing bloc that could decide the midterms and expects the most pro-Bitcoin Congress in history.
South Korea’s Digital Asset Basic Act is nearly complete, while debate over the crypto tax continues ahead of a January 2027 start.