China’s Central Bank Probes Solana Over Illegal Crypto Services

Reports indicate that the People’s Bank of China (PBOC) is preparing to probe Solana over its recent activities and a campaign in Shanghai. These reports come after the abrupt suspension of a Solana event in October, with law enforcement involvement. China remains an unfriendly jurisdiction for crypto companies, and those who took risks to make inroads now face scrutiny. According to SCMP reports , the People’s Bank of China (PBOC) is preparing to probe the activities of Solana, a top-ten cryptocurrency project operating in mainland China, reinforcing the country’s hostile stance on digital assets. Financial News, a PBOC-linked financial outlet, recently identified Solana as a virtual currency issuance platform and also stressed that it provided issuance and trading services for major digital assets on its blockchain.

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