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GameStop (NYSE:GME) will remove its iOS and Chrome Extension cryptocurrency wallets from the market on November 1, “due to the regulatory uncertainty of the crypto space,” according to the company’s website.
Indeed, crypto has come under heightened scrutiny after crypto exchange FTX’s (FTT-USD) multibillion-dollar demise late last year. The U.S. Securities and Exchange Commission, in particular, has been ramping up its enforcement effort to clamp down on what they view as illicit activities involving digital assets, having sued Coinbase Global (COIN) and Binance earlier this summer.
The removal of the struggling video-game retailer’s crypto wallets comes after the launch of its non-fungible token marketplace only a year ago. Since then, demand for NFTs dropped alongside prices, and competition among NFT marketplaces has gained steam.
GME’s crypto wallets allowed users to manage their crypto and NFTs and use decentralized applications (dApps).
