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In a move to comply with Chinese regulatory policies, Stepn will be blocking users based in mainland China from its mobile app.

The nonfungible token (NFT) game Stepn will ban users in mainland China in an attempt to follow Chinese regulatory requirements.

The company’s uncertainty has been fueled by rumors that it will be forced to leave mainland China. STEPN is a popular “move-to-earn” game based on Solana (SOL) and BNB Chain (BNB) that was created by two Chinese emigrants now living in Australia.

On July 15, Stepn will clear all accounts based in mainland China for local compliance reasons. Before then, the platform advised users who planned to reside in mainland China long-term to sell their assets on the platform, if possible.

The news sent shockwaves throughout the market, with investors dumping assets. When Pandaily launched Stepn in April, the floor price of a “sneaker” on the platform was around 13 SOL, but it has since dropped to just 8 SOL. Also, the price of STEPN’s utility token, GMT, has plummeted by more than 30% in the past 24 hours, with most of it occurring after the announcement.

After the news was announced, Jerry, the firm’s founder, noted that mainland Chinese users make up 5% of the platform’s overall user base, implying that the company’s exit from this market will not have a significant impact on its financial success. According to Stepn’s official Twitter account, daily active users increased to more than 500,000 in May, from 300,000 in April.

Stepn aims to show that it is viable because it earns commissions from other blockchain firms that market their goods or tokens to Stepn’s users, who are accessible through the move-to-earn concept, Rong stated last month.

Related: NFT traders STEPN to a new groove — Is move-to-earn the future of fitness or another fad?

China has been cracking down on cryptocurrency-related activities for years, and the central bank’s statement about foreign cryptocurrency exchanges in September last year prompted large platforms such as Binance and Huobi to leave the country.

One thought on “Stepn to block mainland China users to comply with regulatory policies

  1. So I’m seeing bitcoin dominance going up and my shitcoins are bleeding more and more, so to save the headache of my failure I decided to sell them and buy more BTC.

    I put some significant money in buying alts all the way down to where we are now over the past two months and it’s a really sucky feeling but at the time I thought “wow these are on great discounts!”

    How wrong was I

    SOL: average price 92.00 Shit ass blockchain doesn’t even know what time it is. SOLD

    LRC: average price 1.77 Go GameStop! Aaaaand pumps gone, so am I SOLD

    ADA: average price .77 not a bad price to be in and I sold my bag at 3.00 so it’s Kharma so I HODL and average down.

    Ethereum: Average price: 2500.00 it will go back up right? 8k EOY! Anyways it’s along term hold so I’ll average down and DCA.

    So I used the sold money to get more Bitcoin at 28,600. Bringing my Average bitcoin buy to 29,800 and I get to use some losses at tax time.

    Moral of the story is heavy bags are heavy and sometimes it helps to lighten the load…I feel better, watch LRC pump to 1.00 and I will hate myself again.

    Edit: I use the term shitcoin in jest, a long time ago anything that wasn’t Bitcoin was a shitcoin. I love Ethereum so don’t flame me.

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