STEPN, an innovative revenue transfer project, publication They will be forced to stop providing GPS services to users in mainland China on July 15, 2022.In-game token GST plummeted 40% in news
“In order to proactively respond to relevant regulatory policies, STEPN will carry out an inventory of software users. If a user in mainland China is found, STEPN will follow the Terms of Use on July 15, 2022 (UTC + 8). We will stop providing GPS to your account at 24:00. And IP location service. “
Tokens trading on both Binance Smart Chain and Solana peaked at $ 7 on May 3, but are now down to just $ 1.60, down 77% from a record high. increase.
The native sneaker NFT required to earn GST in-game has also dropped by 30% in the last 24 hours and is available in just 9SOL. Limitations within mainland China also seem to prove to be a major hurdle to innovation in crypto space.
Interestingly, STEPN claims that it “has not been engaged in any business in mainland China since its inception.” Therefore, the decision to remove the GPS service in China seems to have been made to prevent users from bypassing the system for accessing the application. To comply with the regulations, STEPN added:
“STEPN has always placed great importance on compliance obligations and always adheres to the relevant requirements of local regulatory agencies. It also alerts users to beware of fraud.”
STEPN uses some in-game tokens, SOL, BNB, GST, and GMT. NFTs can be purchased from either SOL or BNB and the game will run on both chains at the same time. GSTs are utility tokens used to reward users for NFT moves and upgrades and to optimize their experience.
GMT tokens are ecosystem governance tokens, down 37% on the day, down 78% from record highs. GMT’s overall market capitalization was below $ 400 million, dropping to 84th place on the list of top cryptocurrencies.
