Key Takeaways
- SoFi Technologies will shut down its cryptocurrency services by Dec. 19.
- Existing users can choose to migrate to Blockchain.com or have their accounts closed and liquidated.
- Users may face tax implications if they cash out for a profit.
What Does This Mean For SoFi Crypto Customers?
Existing SoFi cryptocurrency customers will receive an email with migration details.
Users opting to migrate to Blockchain.com will gain access to more tokens, advanced trading features, and enhanced security measures.
Should I Close My SoFi Crypto Account Instead?
Users wanting to close their accounts can do so before Dec. 19.
Accounts not migrated will be liquidated and closed automatically on that day.
There might be tax implications for those liquidating holdings for a profit.
Different Rules For Different States and Tokens
Blockchain.com does not offer services in all U.S. states.
Some tokens will be restricted for migration in certain states.
Customers in specific states will receive services through Bakkt Crypto Solutions.
States with Special Arrangements:
- Virginia
- Hawaii
- Louisiana
- New Jersey
- Nevada
- Tennessee
- Texas
Tokens Automatically Sold on Migration:
- Aave
- Stellar
- Uniswap
- Polkadot
Why Did SoFi Wind Down Crypto Operations?
SoFi’s exit from the crypto business has been planned for two years.
The company’s approval as a bank holding company in January 2022 restricted crypto-related activities.
Cryptocurrency is not a significant part of SoFi’s business.