STEPN removes GPS in China amid regulatory concerns – price drops 40%

STEPN, the revolutionary move-to-earn project, has announced they volition beryllium forced to halt providing GPS services to users wrong mainland China connected July 15, 2022. The in-game token GST has plummeted 40% connected the news

“In bid to actively respond to applicable regulatory policies, STEPN volition behaviour an inventory of bundle users. If users successful mainland China are found, STEPN volition halt providing GPS to their accounts astatine 24:00 connected July 15, 2022 (UTC+8) according to the presumption of use. and IP determination services.”

The token, which trades connected some Binance Smart Chain and Solana, peaked astatine $7 connected May 3 but has present dropped to conscionable $1.60, signaling a 77% diminution since the all-time high.

Source: TradingView

The autochthonal sneaker NFTs required to gain GST in-game are besides down 30% successful the past 24 hours and disposable for conscionable 9 SOL. It appears that restrictions wrong mainland China are, yet again, proving to beryllium a large hurdle for innovation successful the crypto space.

Interestingly, STEPN claims to person not “engaged successful immoderate concern successful mainland China since its establishment.” Therefore, it appears that the determination to region GPS services wrong China has been made to halt users from circumventing systems to entree the application. To comply with regulations, STEPN added,

“STEPN has ever attached large value to compliance obligations and ever strictly abides by the applicable requirements of section regulatory agencies. We besides punctual users to beware of scams.”

STEPN uses respective tokens in-game, SOL, BNB, GST, and GMT. NFTs are purchasable with either SOL oregon BNB, with the crippled operating connected some chains simultaneously. GST is simply a inferior token and is utilized to reward users for moving arsenic good arsenic upgrading NFTs to optimize the experience.

The GMT token is the governance token of the ecosystem and is besides down 37% connected the time and 78% from all-time highs. The wide marketplace headdress of GMT has present dropped beneath $400 cardinal and dropped to 84th connected the database of apical cryptocurrencies.