SoFi Technologies to Exit Cryptocurrency Business, Offers Migration to Blockchain.com
SoFi bids farewell to cryptocurrency services, offering users a smooth transition to Blockchain.com. Learn the latest developments in fintech.
Financial technology giant SoFi Technologies has decided to part ways with the cryptocurrency domain. As of December 19, customers will bid farewell to SoFi's crypto services, with the company ceasing the creation of new crypto accounts starting today.
The cryptocurrency industry has witnessed its fair share of turbulence, with notable players like FTX facing challenges. Despite this, recent months have seen a positive shift in investor sentiment, particularly with the surge in filings for spot bitcoin exchange-traded funds. However, the industry faced a setback last week when Changpeng Zhao, the former Binance chief, pleaded guilty to violating U.S. anti-money laundering laws in a $4.3 billion settlement.
Navigating these challenges, SoFi has chosen to provide eligible customers with two options: migrate their accounts to Blockchain.com or opt for account closure. Unfortunately, residents of New York won't be part of the migration due to state-specific regulations.
SoFi had been a hub for users to engage in the buying and selling of over 20 cryptocurrencies, including popular choices like Bitcoin, Dogecoin, and Ethereum. In this transition, London-based Blockchain.com ensures that SoFi's crypto account holders will seamlessly access a diverse range of tokens available on its platform.
As SoFi embraces this strategic shift, it marks the end of an era in its cryptocurrency services, opening doors to new possibilities and ventures.