GameStop Ends Crypto Wallet Support! Here is Why

  • GameStop is ending its support for crypto wallets due to regulatory uncertainty in the industry.
  • The decision will take effect from November 1, and customers will no longer have access to iOS and Chrome Extension wallets.
  • The GameStop wallet was launched in May 2022 as a self-custodial Ethereum wallet, allowing users to manage cryptocurrencies and NFTs.
  • The wallet also facilitated transactions on GameStop’s NFT marketplace, introduced in July 2022, as part of the company’s shift towards digital sales.
  • However, the NFT market experienced a significant decline in popularity in the second half of 2022, leading to the decision to end support for crypto wallets.
  • US regulators, including the SEC and CFTC, have intensified their efforts to crack down on crypto-related companies, leading to regulatory scrutiny on the industry.
  • Binance, Coinbase, and Robinhood are among the platforms that faced regulatory actions and lawsuits from US authorities.
  • The US government’s opinions on crypto regulation are still divided, with disagreements on how to define cryptocurrencies as securities or commodities.
  • The US House Financial Services Committee passed a bill seeking to clarify the jurisdiction of regulatory bodies over the crypto industry.

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