The pioneer of the Move to earn movement has announced that it will stop providing the service to users in China on July 15.
STEPN, already notification that they will be forced to stop providing GPS service for users in mainland China on 15 month 7 year 2022. GST has plummeted 40% according to this news.
“In order to proactively respond to relevant regulatory policies, STEPN will conduct an inventory of software users. If a user in mainland China is found, STEPN will stop providing GPS to their account at 24:00 on July 15, 7 (UTC+2022). ”
— STEPN | Public Beta Phase IV (@Stepnofficial) May 26, 2022
GST, which trades on both Binance Smart Chain and Solana, peaked at $8 on May 3 but has now dropped to just $5, recording a more than 77% off since an all-time high.
NFT shoes in the game also 30% reduction in the last 24 hours, sometimes only 7 SOL. It seems that the news of the mainland China ban has always had a negative effect on the market.
Interestingly, STEPN claims no “engaged in any business in mainland China since its inception”, therefore, it seems that the decision to remove GPS services in China was made to prevent users from circumventing the system to access the application. To comply with regulations, STEPN added:
“STEPN takes its obligations seriously and strictly adheres to the requirements of local regulatory authorities. We also remind users to be on the lookout for scams.”
GMT is the governance token of the ecosystem and also 37% reduction intraday and 78% above the all-time high. GMT's overall market cap has now dipped below 400 million dollars and dropped to 84th on the list of top cryptocurrencies.