Online

Read

Online banking firm SoFi Technologies is leaving the crypto market, urging customers to migrate assets to Blockchain.com.
<a href="https://crypto.news/tag/sofi" target="_blank" rel="noopener noreferrer nofollow">SoFi</a> Technologies Inc., an online banking platform, is set to leave the cryptocurrency market as the firm has notified its customers they need to liquidate their accounts in coming weeks or move asset to Blockchain.com, a crypto exchange and custodial service.
According to a <a href="https://www.reuters.com/technology/fintech-firm-sofi-set-exit-cryptocurrency-business-2023-11-29/" target="_blank" rel="noopener noreferrer nofollow">report</a> from Reuters on Nov. 29, the San Francisco-based company told its customers it will shut down its crypto services on Dec. 19, 2023. Starting from Wednesday, Nov. 29, SoFi no longer opens crypto accounts. SoFi also said that only eligible customers can transfer their assets to Blockchain.com. Starting from 2024, SoFi is also expected to start referring to other crypto partners, Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-11-29/sofi-is-exiting-crypto-with-banking-regulators-stepping-up-scrutiny" target="_blank" rel="noopener noreferrer nofollow">noted</a>.
You might also like: <a href="https://crypto.news/crypto-hub-blockchain-com-raises-110m-in-series-e-funding/" rel="noopener noreferrer nofollow"> Crypto hub Blockchain.com raises $110m in Series E funding </a>
Founded in 2011, SoFi was initially made to provide more affordable options for those taking on debt to fund their education. Eight years late, in February 2019, SoFi entered into a partnership agreement with U.S.-based crypto exchange Coinbase to offer crypto trading services with 20 digital currencies.
In August 2023, SoFi <a href="https://crypto.news/sofis-сrypto-business-in-jeopardy-amid-us-regulatory-concerns/" target="_blank" rel="noopener noreferrer nofollow">notified</a> its customers it might be “forced to cease trading in certain types of assets” amid the U.S. regulatory hurdle. In a filing with the U.S. Securities and Exchange Commission (SEC), SoFi outlined several regulatory risks related to crypto trading, acknowledging it might be forced to halt trading crypto, which are considered as securities until it obtains additional regulatory permission.
Read more: <a href="https://crypto.news/u-s-senators-demand-inspection-of-sofis-crypto-listings/" rel="noopener noreferrer nofollow"> U.S Senators demand inspection of SoFi’s crypto listings </a>

Online bank SoFi exits crypto market, urges customers to withdraw assets

crypto.news

2023년 11월 30일에 게재된 다른 기사

Can Avalanche (AVAX) And Polkadot (DOT) Overcome Red Market Challenges For A Strong Year-End Rally?

Wormhole’s Valuation Takes An Upswing As It Elevates $225 Million Funding.

SoFi to Exit Crypto Business Amid Increased Regulatory Scrutiny

Injective Price Struggles To Break Out Of Its Key Level! Is A Break Down Imminent?

THORChain (RUNE) and Ethereum (ETH) Stagnate: A New Crypto Rises to Challenge the Status Quo

A Comphrensive Guide On Identifying and Avoiding Rug Pulls

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!