The video game retailer GameStop has announced that from November 1st, it will no longer support the cryptocurrency wallet. The company revealed this on its website that says, “Due to the regulatory uncertainty of the crypto space, GameStop has decided to remove its iOS and Chrome Extension wallets from the market.”
GameStop advises all users to ensure they have access to their secret passphrases by October 1. Users can recover their account in any compatible wallet using these secret passphrases.
GameStop is well known for its brick-and-mortar retail stores sd they offer trade-ins for used consoles and games.
In July 2022, Gamestop made an entrance into the NFT space by launching its marketplace, after launching beta version of crypto wallet in May. However, they have stepped back and ended their support for crypto wallets.
The reason from GameStop, “regulatory uncertainty of the crypto space” is quite unclear. These messages give hints about the recent developments in crypto and blockchain, especially the actions by Gay Genser, chairperson of the Securities and Exchange Commission.
The Securities and Exchange Commission has filed many court cases against exchanges Coinbase, Binance, and many other companies in recent months. In addition, they also brought several lawsuits against crypto firms in the country in the United States.
Also Read: GameStop Fires CEO Furlong Amid NFT Setbacks
