GameStop, a US-based video game seller, decided to stop operating its cryptocurrency wallet in the coming months.
GameStop, a retailer of video games with headquarters in the US, decided to stop operating its cryptocurrency wallet in response to the increasing barrage of regulatory actions taken by US regulators against cryptocurrency businesses.
The business cited regulatory uncertainties to justify the move, which will become effective on November 1, 2023. In May 2022, the wallet for cryptocurrencies and non-fungible tokens (NFTs) was introduced.
The GameStop NFT Marketplace was then presented after that. It’s interesting to note that according to Bloomberg, the company had yet to provide any data or updates regarding the NFT marketplace’s crypto wallet business.
This suggests that the company had been debating ending its crypto wallet business due to regulatory uncertainty in the sector. The U.S. Securities and Exchange Commission (SEC) has targeted Binance and Coinbase, two of the biggest names in the crypto market ecosystem, in anti-crypto enforcement actions.
According to the business’s website, the GameStop iOS and Chrome extension crypto wallets will be discontinued on November 1, 2023. The merchant has not yet provided more information regarding the regulatory uncertainty justification for ending the service.
In a previous article, it was stated that the FUD also caused PaySafe, Binance’s European banking partner, to say it was discontinuing embedded wallet solutions to the cryptocurrency exchange.
This occurred about three weeks after the US SEC filed a lawsuit against the largest cryptocurrency exchange in the world for violating securities laws.
