• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

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

May 27, 2022
in Regulations
Reading Time: 3 mins read
A A
0
STEPN removes GPS in China amid regulatory concerns – price drops 40%
0
SHARES
7
VIEWS
ShareShareShareShareShare
đź‘‹ Want to work with us? CryptoSlate is hiring for a handful of positions!

STEPN, the revolutionary move-to-earn project, has announced they will be forced to stop providing GPS services to users within mainland China on July 15, 2022. The in-game token GST has plummeted 40% on the news

“In order to actively respond to relevant regulatory policies, STEPN will conduct an inventory of software users. If users in mainland China are found, STEPN will stop providing GPS to their accounts at 24:00 on July 15, 2022 (UTC+8) according to the terms of use. and IP location services.”

The token, which trades on both Binance Smart Chain and Solana, peaked at $7 on May 3 but has now dropped to just $1.60, recording a 77% decline since the all-time high.

GST drops
Source: TradingView

The native sneaker NFTs required to earn GST in-game are also down 30% in the past 24 hours and available for just 9 SOL. It appears that restrictions within mainland China are, yet again, proving to be a major hurdle for innovation in the crypto space.

Interestingly, STEPN claims to have not “engaged in any business in mainland China since its establishment.” Therefore, it appears that the decision to remove GPS services within China has been made to stop users from circumventing systems to access the application. To comply with regulations, STEPN added,

“STEPN has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies. We also remind users to beware of scams.”

STEPN uses several tokens in-game, SOL, BNB, GST, and GMT. NFTs are purchasable with either SOL or BNB, with the game operating on both chains simultaneously. GST is a utility token and is used to reward users for moving as well as upgrading NFTs to optimize the experience.

The GMT token is the governance token of the ecosystem and is also down 37% on the day and 78% from all-time highs. The overall market cap of GMT has now dropped below $400 million and dropped to 84th on the list of top cryptocurrencies.

Get an Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits


Credit: Source link

ShareTweetSendPinShare
Previous Post

Acceleware Ltd. Reports First Quarter 2022 Financial and Operating Results

Next Post

US Federal Reserve Vice Chair sees need for a digital dollar

Related Posts

Cardano founder steals the show at Congressional hearing on crypto regulation
Regulations

Cardano founder steals the show at Congressional hearing on crypto regulation

June 24, 2022
6
Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations
Regulations

Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations

June 24, 2022
5
Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.
Regulations

Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.

June 24, 2022
4
Max Keiser suggests corruption could be at play over SEC’s denial of spot Bitcoin ETF
Regulations

Max Keiser suggests corruption could be at play over SEC’s denial of spot Bitcoin ETF

June 24, 2022
6
US Senators call on OSTP to restrict PoW mining to zero-carbon energy sources
Regulations

US Senators call on OSTP to restrict PoW mining to zero-carbon energy sources

June 24, 2022
6
Next Post
US Federal Reserve Vice Chair sees need for a digital dollar

US Federal Reserve Vice Chair sees need for a digital dollar

Recommended

Germany Is Taking Steps to Bolster Gas Supplies, Habeck Says

Germany Is Taking Steps to Bolster Gas Supplies, Habeck Says

June 20, 2022
4
SEC legal action over BNB token prompts fears over which altcoin is next

SEC legal action over BNB token prompts fears over which altcoin is next

June 7, 2022
3
5 Areas of Production Significantly Affected by Supply Chain

5 Industries Feeling the Strain of Supply Chain Delays

June 23, 2022
4
Kazakhstan Calls for Cooperation Between Crypto Exchanges and Banks

Kazakhstan Calls for Cooperation Between Crypto Exchanges and Banks

June 17, 2022
6
Top Coinbase Officials Jointly Sold Over $1 Billion Worth of COIN Stock

Top Coinbase Officials Jointly Sold Over $1 Billion Worth of COIN Stock

May 30, 2022
6
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Business leaders react to Roe v. Wade
  • Stocks rise as indexes head for weekly gains
  • XRP price surges 14%

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?