STEPN will stop providing GPS to users in China from July 15, 2022
STEPN said it would stop supplying GPS services to users whose IP address or GPS location was visible in China on July 15, causing the GMT token to drop 33.56% in the past 24 hours.
STEPN stops providing GPS to users in China
On May 26, this company Tweeted that they would stop providing GPS services to users whose IP address or GPS location shows them in China. This also means that players who own a non-fungible token (NFT) like its members will not be able to earn tokens for their steps.
STEPN says this decision is that they always respect and comply with local laws.
“STEPN takes compliance obligations seriously and always strictly adheres to relevant requirements of local regulatory authorities,”
This company shared in his tweet
This decision caused the price of GMT to drop 35.56% in the past 24 hours, as updated by Coincu.com. The NFT shoe is trading for around 8.5 SOL on Magic Eden at press time, 3.5 SOL below Wednesday’s price.
However, China’s crypto regulatory landscape is ambiguous, and Chinese banking associations’ scrutiny of the NFT has increased. Considering users need to buy NFT sneakers to get into the game, Stepn could be the next target for a crackdown.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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STEPN will stop providing GPS to users in China from July 15, 2022
STEPN said it would stop supplying GPS services to users whose IP address or GPS location was visible in China on July 15, causing the GMT token to drop 33.56% in the past 24 hours.
STEPN stops providing GPS to users in China
On May 26, this company Tweeted that they would stop providing GPS services to users whose IP address or GPS location shows them in China. This also means that players who own a non-fungible token (NFT) like its members will not be able to earn tokens for their steps.
STEPN says this decision is that they always respect and comply with local laws.
“STEPN takes compliance obligations seriously and always strictly adheres to relevant requirements of local regulatory authorities,”
This company shared in his tweet
This decision caused the price of GMT to drop 35.56% in the past 24 hours, as updated by Coincu.com. The NFT shoe is trading for around 8.5 SOL on Magic Eden at press time, 3.5 SOL below Wednesday’s price.
However, China’s crypto regulatory landscape is ambiguous, and Chinese banking associations’ scrutiny of the NFT has increased. Considering users need to buy NFT sneakers to get into the game, Stepn could be the next target for a crackdown.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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