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STEPN’s upcoming closure of services to China mainland users is nearing. Owing to the regulatory policies by the Chinese government, STEPN had in May this year said it would stop providing GPS to Chinese user accounts. After the announcement was made on May 26, the prices of STEPN and the associated Green Satoshi Token (GST) reacted with fall in prices.
STEPN To Clear China Based Acconts From July 15
STEPN management’s deadline to remove all accounts in China is scheduled for next week, on July 15. In the announcement, the team said they are not engaged in any business in mainland China since its establishment. STEPN has always attached great importance to compliance obligations, it added.
Meanwhile, the July 15 development could have significant impact on the cryptocurrency’s price. Recently, crypto exchange Huobi’s exit from China had huge impact on its revenues. A ban on crypto in China forced Huobi to start removing millions of Chinese user accounts from its platform. This is believed to have made a massive dent in the exchange’s revenue.
The trader community is also watching the July 15 deadline closely. Ahmad Manasrah, a trader, said he expects to see a drop in STEPN prices after the China accounts are cleared. He expects a STEPN price fall to the range of $0.70.
“On July 15, GMT will clear all accounts based in mainland China . I don’t know how much effect this will have on the market. But from a technical point of view, I expect the prices to drop to $0.70.”
STEPN Price Drop After China Announcement
After the announcement was made on May 26, the STEPN price fell drastically from $1.20 to $0.80 levels. As of writing, STEPN price is trading at $1.01, up 0.13% in the last 24 hours, according to CoinMarketCap. From having a market cap of $825 million before the announcement to $613 million, the STEPN market has not recovered lately.
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