SoFi Winds Down Crypto Operations

SoFi Technologies (SOFI) will shut down its crypto services by Dec. 19. Existing accounts will have the choice to migrate to Blockchain.com platform or be closed and liquidated at that time.

Existing SoFi cryptocurrency customers should receive an email with details of the migration on Wednesday (November 29, 2023).

Users who want to migrate to Blockchain.com will have to actively opt-in for their account to be transferred. The migration will expand the services available to these crypto accounts, including access to more tokens, advanced trading features, and security measures including the ability to self-custody crypto.

SoFi users who want their crypto accounts closed can proactively do so before Dec. 19.

On that day, active accounts will automatically be liquidated and closed; users will receive details of that transaction via email and receive proceeds through their brokerage account within 60 days.

Customers in Virginia, Hawaii, Louisiana, New Jersey, Nevada, Tennessee and Texas will receive services through a partnership with Bakkt Crypto Solutions.

Additionally, Tokens including Aave, Stellar, Uniswap, and Polkadot, among others, will be automatically sold at the time of account migration on Dec. 19 for customers in those states.

Users in the state of New York are not eligible to migrate at all.

SoFi's exit from the crypto business has been planned over the past two years.

The company received a conditional approval from the Office of the Comptroller of the Currency (OCC) to operate as a bank holding company in January 2022. That approval hinged on SoFi not engaging in any crypto-related activities or services without approval from the OCC, the company said in a filing dated September 2022.

The company has also said in the past that cryptocurrency is not a material part of its business.

(Source: Investpedia)