PBOC to probe parties tied to Solana promotional event in mainland China

China’s central bank plans to investigate institutions and individuals involved in a Solana promotional event in mainland China after halting the event last month, the South China Morning Post reported. A People’s Bank of China official said Solana-related business qualifies as illegal financial activity under cryptocurrency crackdown rules issued in February by the PBOC and seven other agencies, and added Solana’s promotional activities in China also violated those rules. Solana had planned to hold promotional events in major Chinese cities after opening a new office in Shanghai, but the first event in Shanghai was canceled. At the time, Solana Foundation Chairman Lily Liu said the schedule was postponed because the number of registrants exceeded the venue capacity reported to authorities.