NFTs News

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

Foxy

Coincu News

Victor

Recent Posts

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

13 minutes ago

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

3 hours ago

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

Palo Alto, California, 21st November 2024, Chainwire

5 hours ago

Best Cryptos to Buy: Qubetics Set to Rise, Bitcoin Knocks at $100k Milestone, Avalanche to Release 1.67M Tokens

Best Cryptos to Buy: Qubetics presale rockets ahead, Bitcoin nears $100k, and Avalanche prepares to…

6 hours ago

Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero

London, United Kingdom, 21st November 2024, Chainwire

7 hours ago

Native USDC on Aptos Coming Soon to Boost DeFi and P2P Transactions

The move will see developers utilize USDC on Aptos in creating dApps on a wide…

7 hours ago

This website uses cookies.