SoFi Technologies to Discontinue Cryptocurrency Services by Dec. 19
SoFi Technologies (SOFI) will be shutting down its crypto services by December 19. Existing accounts will have the choice to migrate to the Blockchain.com platform or be closed and liquidated. Here’s what you need to know:
Key Takeaways
- Existing users must decide whether to transfer their accounts to Blockchain.com or have them closed and liquidated.
- Users cashing out may face tax implications.
- In states where Blockchain.com does not operate, users will need to sign up with Bakkt Crypto Solutions.
- New York users are excluded from the migration process and will need to sell or have their accounts liquidated.
What Does This Mean For SoFi Crypto Customers?
Existing SoFi cryptocurrency customers will receive an email with migration details. Opting-in for account transfer will unlock access to more tokens, advanced trading features, and enhanced security measures, including self-custody of crypto.
Should I Close My SoFi Crypto Account Instead?
Users who wish to close their accounts can do so before Dec. 19. Otherwise, active accounts will be automatically liquidated on that date, and proceeds will be sent to the brokerage account within 60 days.
Different Rules For Different States and Tokens
Customers in certain states will access services through Bakkt Crypto Solutions. Specific tokens may be restricted for migration to certain states, with automatic sell-offs for some tokens.
Why Did SoFi Wind Down Crypto Operations?
SoFi’s plan to exit the crypto business was set in motion over the past two years. The company’s move aligns with regulations and compliance requirements, following a conditional approval from the OCC.
