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    STEPN Announces Withdrawal From China, GMT Dumped 37% In Minutes

    Cryptory.net - After the announcement of withdrawal from China, the price of GMT, STEPN's native token, dropped sharply in just a few minutes.

    Posting on Twitter on Thursday, STEPN said it will stop providing GPS services to users with an IP address or GPS location shown to them in China on July 15. Without GPS service, users will not be able to earn tokens for their steps.

    This move could be tied to government scrutiny against crypto in China. Since STEPN rewards crypto users for using the app, it is likely to run into some legal problems. China effectively banned crypto in 2021 and recently outlined harsh fines and jail time for their trading.

    “STEPN has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies,” said StepN. The company also added that Stepn had never engaged in business in China.

    Following the announcement, the price of GMT, STEPN’s native token, dropped 37% in minutes and is currently trading down 34% in the last 24 hours, at $0.8673. STEPN NFT shoes was trading around 8.5 SOL on Magic Eden at the time of writing, 3.5 SOL below Wednesday’s price.

    GST, STEPN’s other token, is also down 24% at $1.55 in the past 24 hours. The crash also caused mass liquidations in GMT futures trading, with a record $23 million being liquidated in the last 24 hours.

    During the month of April when the move-to-earn trend was blooming, GMT was listed in the list of the top 50 cryptocurrencies. However, withdrawing from China can cause a lot of losses due to the large number of users in this country. Currently, STEPN has not made any response to this incident.

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