NFT-Based Project STEPN to Ban Mainland China Users on Regulatory Compliance

The nonfungible token (NFT) game Stepn announced a plan to ban users in Mainland China in an effort to comply with the Chinese regulatory requirements.

Source: Twitter

1/ 關於清查中國大陸帳戶的公告

尊敬的STEPN用戶：
為積極主動響應相關監管政策，STEPN將對軟體用戶進行清查，若發現中國大陸地區用戶，則STEPN將依據使用條款對其賬戶於2022年7月15日（UTC+8）24:00 停止提供GPS及IP位置服務。

— STEPN | Public Beta Phase IV (@Stepnofficial)

GMT USD up +17.67% SOL USD down -2.08%

The company’s uncertainty has been driven by news that it will be forced to leave mainland China.

STEPN is a popular “move-to-earn” game built on Solana (SOL) and BNB Chain (BNB) that was developed by two Chinese emigrants living in Australia.

Starting July 15, Stepn removed all accounts based in mainland China to ensure local compliance. The platform advised users who reside in the mainland to sell their assets on the platform.

The announcement sent shockwaves throughout the market, with investors selling their assets on the platform.

Jerry, the firm’s founder, stated that mainland Chinese users account for nearly 5% of the platform’s total user base, signaling that the exit from China will not have a major impact on its financial success.