GameStop Drops Crypto Wallet Support Citing Regulatory Uncertainty


On Monday, GameStop Corp. (NYSE:GME) announced that, due to regulatory uncertainty in the United States, it will no longer support cryptocurrency wallets as of November 1, 2023. This decision comes a year after the company rolled out this service.

The wallets, which facilitated the management of cryptocurrencies and non-fungible tokens (NFTs) across decentralized apps, as well as transactions on GameStop’s NFT marketplace, will no longer be available for use. Customers will be able to access their wallets until October 1.

Cryptocurrency wallets, such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE), provide users with a convenient way to store and manage their digital assets.

This move follows layoffs of several software engineers working on the development and maintenance of the crypto wallet, and takes place amid a series of challenges faced by GameStop in the crypto space.

The regulatory landscape surrounding cryptocurrencies has become increasingly complex, with U.S. regulators and lawmakers taking a strong stance against crypto-related companies. Coinbase and Binance have both been subject to lawsuits by the Securities and Exchange Commission (SEC).

A Coinbase spokesperson dismissed a previous report suggesting that the SEC had advised Coinbase to delist certain assets prior to initiating a lawsuit against the company.

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