• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, August 13, 2022
Online Crypto College
Advertisement
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
Online Crypto College
No Result
View All Result

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

May 27, 2022
in Regulation
Reading Time: 3 mins read
A A
ShareShareShareShareShare
👋 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

Related articles

Bitcoin’s Privacy Problem—And What Cypherpunks Are Doing to Solve It

August 12, 2022

Tornado Cash’s Sanctions Show Shift in Crypto Regulatory Focus

August 12, 2022
ShareTweetSendPinShare
Previous Post

Turkey drafts new bills to increase regulatory oversight of crypto

Next Post

US Federal Reserve Vice Chair sees need for a digital dollar

Related Posts

Bitcoin’s Privacy Problem—And What Cypherpunks Are Doing to Solve It

August 12, 2022

As the U.S. government ramps up its crypto regulatory efforts, it is targeting privacy-protecting projects like never before. The crypto...

Tornado Cash’s Sanctions Show Shift in Crypto Regulatory Focus

August 12, 2022

The U.S. Treasury Department’s decision to crack down on cryptocurrency platform Tornado Cash for allegedly being used to launder stolen...

Talk of regulation, market conditions collide with glitzy behaviour at Blockchain Futurist Conference

August 12, 2022

At the crypto cabana there was no sign of a downturn. “I know there’s inflation at like eight and a...

SEC Recent Crypto Asset Insider Trading

August 12, 2022

On July 21, 2022, the US Securities and Exchange Commission (SEC) filed a civil enforcement action alleging that from at...

Merchants Accept Crypto but Non-Native Wallets Rule

August 12, 2022

The number of merchants who accept cryptocurrency payments in some form is high, but far and away the most common...

Load More
Next Post

US Federal Reserve Vice Chair sees need for a digital dollar

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

U.S. Inflation Slowed To 8.5% In July. Bitcoin Jumps – Bitcoin Magazine

August 10, 2022

CommerceBlock CEO slams US Treasury Department’s crackdown on Tornado Cash, says it ‘makes little sense’

August 8, 2022

Market Slips Into a Bear Motion, Fate in The Merge of ETH Might Reboot Positive Sentiment

August 10, 2022

Analysts Predicts Bitcoin Will Plunge Shortly But Suggest Buy Bitcoin

August 7, 2022

Over 70k Ripple holders join class action lawsuit against SEC

August 9, 2022

About Us

This is an online news portal that aims to provide the latest Crypto news, Altcoins, blockchain, regulations and much more stuff like that around the world. Feel free to get in touch with us!

What’s New Here!

  • Siacoin creator Skynet to keep operating despite announced shutdown
  • Shiba Inu (SHIB) Buildup At This Price Level Could Be Favorable
  • Institutional Interest Increases in Ethereum With The Merger Around The Corner

Newsletter

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$24,542.002.80%
  • ethereumEthereum(ETH)$1,991.315.69%
  • tetherTether(USDT)$1.00-0.18%
  • usd-coinUSD Coin(USDC)$1.00-0.12%
  • binancecoinBNB(BNB)$329.042.31%
  • cardanoCardano(ADA)$0.566.43%
  • rippleXRP(XRP)$0.3820582.25%
  • Binance USDBinance USD(BUSD)$1.00-0.03%
  • SolanaSolana(SOL)$46.598.81%
  • polkadotPolkadot(DOT)$9.522.18%
  • dogecoinDogecoin(DOGE)$0.0736413.77%
  • AvalancheAvalanche(AVAX)$29.642.38%
  • Lido Staked EtherLido Staked Ether(STETH)$1,932.645.63%
  • matic-networkPolygon(MATIC)$1.0110.56%
  • Shiba InuShiba Inu(SHIB)$0.0000131.95%
  • daiDai(DAI)$1.00-0.06%
  • tronTRON(TRX)$0.0700820.21%
  • ethereum-classicEthereum Classic(ETC)$44.595.84%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$24,542.002.91%
  • OKBOKB(OKB)$21.625.66%
  • leo-tokenLEO Token(LEO)$4.881.66%
  • litecoinLitecoin(LTC)$64.254.52%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.91-0.08%
  • chainlinkChainlink(LINK)$9.19-1.16%
  • FTXFTX(FTT)$31.553.64%
  • UniswapUniswap(UNI)$9.091.54%
  • CronosCronos(CRO)$0.1553171.94%
  • cosmosCosmos Hub(ATOM)$12.133.46%
  • stellarStellar(XLM)$0.1274542.05%
  • FlowFlow(FLOW)$2.951.11%
  • moneroMonero(XMR)$167.022.79%
  • bitcoin-cashBitcoin Cash(BCH)$144.613.17%
  • algorandAlgorand(ALGO)$0.3730283.39%
  • vechainVeChain(VET)$0.0331380.55%
  • filecoinFilecoin(FIL)$8.59-0.42%
  • ApeCoinApeCoin(APE)$6.890.70%
  • Internet ComputerInternet Computer(ICP)$8.281.23%
  • decentralandDecentraland(MANA)$1.082.67%
  • HederaHedera(HBAR)$0.0827562.04%
  • ChainChain(XCN)$0.086992-0.15%
  • Axie InfinityAxie Infinity(AXS)$19.556.82%
  • The SandboxThe Sandbox(SAND)$1.352.84%
  • tezosTezos(XTZ)$1.921.41%
  • QuantQuant(QNT)$127.312.75%
  • Lido DAOLido DAO(LDO)$2.9515.49%
  • theta-tokenTheta Network(THETA)$1.611.04%
  • AaveAave(AAVE)$111.790.79%
  • Celsius NetworkCelsius Network(CEL)$3.6748.76%
  • ElrondElrond(EGLD)$66.462.98%
  • FraxFrax(FRAX)$1.00-0.22%