PBOC to investigate Solana promotional event in mainland China

China’s central bank will investigate institutions and individuals linked to a Solana promotional event in mainland China, following the event's cancellation last month. A People’s Bank of China official stated that Solana-related business is considered illegal financial activity under cryptocurrency regulations established in February by the PBOC and seven other agencies. The official noted that Solana’s promotional activities in China also breached these rules. Solana had intended to host events in major Chinese cities after opening a new office in Shanghai, but the first event in Shanghai was canceled due to an excess of registrants beyond the venue's capacity.

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