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GameStop Closes Its Crypto Wallet Program

US gaming retailer GameStop has announced that it will be removing its cryptocurrency wallets from the market effective November 1, 2023.

The company launched these features last spring, allowing users to manage digital assets and non-fungible tokens (NFTs).

GameStop announced on its official website that it will be removing its iOS and Chrome extension wallets in early November due to “regulatory uncertainty in the crypto space.”

He warned that all customers must access their secret passphrase by October 1st in order to be able to “recover their account in any compatible wallet.”

The aggressive policy of US regulators does not contribute to the development of the crypto sector in the country. Crypto exchanges are facing big obstacles today – in early June, the SEC accused the two largest crypto companies, Binance and Coinbase, of violating securities laws. Despite Ripple’s recent court win, the SEC’s sword of Damocles still hangs over the industry. GameStop, which is regulated by the Commission, probably does not want to take risks in such circumstances and has decided to stop supporting its crypto wallet launched last May. With it, users could store, send, and receive cryptocurrencies on the Ethereum network, including ERC-20 tokens and NFTs. It also enabled transactions on the GameStop NFT marketplace.

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