STEPN altcoin The date when it will shut down its services for users in mainland China is approaching. Due to the regulatory policies of the Chinese government, STEPN said in May this year that it would stop providing GPS services to Chinese user accounts.
After the announcement was made on May 26, the price of STEPN and its associated Green Satoshi Token (GST) reacted by falling.
STEPN Altcoin To Close China-Based Accounts From July 15
The deadline given by the STEPN administration to close all accounts in China is set for next week, July 15. In the announcement, the team stated that they have not engaged in any commercial activities in mainland China since its establishment. It is added that STEPN has always attached great importance to its compliance obligations.
By the way, the development on July 15 altcoin can have a significant impact on the price. Recently, the exit of crypto exchange Huobi from China had a huge impact on its revenues. in china cryptocurrency The ban forced Huobi to remove millions of Chinese user accounts from its platform. This is believed to have caused a huge drop in the stock’s revenue.
The investor community is also closely watching the deadline of 15 July.
STEPN Experienced Price Drop After China Announcement
After the announcement on May 26, the STEPN price experienced a sharp decline from $1.20 to $0.80. According to CoinMarketCap, the STEPN price is down 3% in the last 24 hours to trade at $0.98. STEPN, whose market capitalization fell from $825 million before the announcement to $613 million, has not been able to recover recently.
China continues to take an uncompromising stance towards NFTs as well as the cryptocurrency market.
*Not investment advice.