Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
Home»EXCHANGE NEWS»SoFi’s cryptocurrency journey is over: what happens now?
EXCHANGE NEWS

SoFi’s cryptocurrency journey is over: what happens now?

By Crypto FlexsDecember 3, 20233 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
SoFi’s cryptocurrency journey is over: what happens now?
Share
Facebook Twitter LinkedIn Pinterest Email

Online banking and financial services company SoFi Technologies (SOFI) has announced that it will be exiting the cryptocurrency space in the coming weeks. The decision, which follows an increasingly regulated industry, was announced to cryptocurrency customers on Wednesday.

With net revenue of more than $537 million, according to its third-quarter financial report, SoFi was by far one of the largest companies operating digital assets such as cryptocurrencies. SoFi held more than $139 million in cryptocurrency assets as of September 30 of this year, according to public documents.

If the customer chooses not to liquidate, their cryptocurrency holdings and account will be transferred to Blockchain.com. While this does not necessarily mean mass liquidations will be the result, the announcement does represent a major blow to the cryptocurrency industry, which has struggled to legitimize itself due to regulatory crackdowns and a lack of regulatory clarity.


Customers Switch to Blockchain.com: What You Need to Know

SoFi has signed an agreement to transition its cryptocurrency customers to leading cryptocurrency company Blockchain.com. The SoFo team chose the platform because of Blockchain.com’s “long history of work in the cryptocurrency industry,” the “intuitive user experience” it offers, and the “rich educational resources.”

Existing customers can choose to convert from the SoFi web or mobile app and the rest of the process will happen automatically. If customers do not choose or accept migration by December 19th, all cryptocurrency assets will be automatically liquidated by SoFi.

SoFi’s decision to migrate the accounts of all selected customers means that those users will be able to buy, sell, exchange and hold assets on the Blockchain.com platform. I don’t think there will be any loss in this case.

However, due to existing restrictions on Blockchain.com, some users may lose the ability to use certain coins. Likewise, migrating customers will have immediate access to additional coins, Visa cards on Blockchain.com, and many other features.


Mounting regulated pressure

SoFi’s departure from the cryptocurrency space comes at a time when U.S. regulators are increasing their oversight of cryptocurrencies.

Most recently, the crackdown resulted in Binance founder Changpeng Zhao paying $175 million in bonds to avoid jail, and Binance itself facing up to $4.3 billion in fines. Other exchanges, such as Kraken, have also come under fire from regulators, leading founder Jesse Powell to warn of a looming threat to the industry.

SoFi will receive its national banking charter in 2022, meaning the financial giant will need to obtain the necessary licenses to operate its cryptocurrency business. Finding itself unable to meet the requirements, SoFi decided to gradually phase out cryptocurrency-related services instead of opting for a one-year extension.

An SEC report filed by SoFi earlier this year said it would likely require “additional regulatory clearances,” which could result in “additional costs to the business” and ultimately “impair” the company’s “ability to generate revenue.” Those risks would have increased significantly “if regulators adopted a significant number of new rules in a short period of time,” according to the filing.


Cryptocurrency’s Endless Road to Mainstream Adoption

SoFi’s exit is another obstacle to mainstream adoption of cryptocurrencies. The Pew Research Center found earlier this year that 88% of Americans who have heard of cryptocurrencies are unsure about their safety and trustworthiness. The fall of various cryptocurrency giants such as FTX, Chelsea Network, and Sam Bankman-Fried has further weakened trust in cryptocurrencies.

However, the regulatory crackdown has not prevented the recovery of the cryptocurrency market over the past year. Its market capitalization is now close to $1.5 trillion, an increase of nearly 100% since the beginning of the year, according to CoinGecko data.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ethereum Price at Risk – Bears Lose Momentum Ahead of New Lows

October 9, 2025

Bitcoin Steadies at Rally -Is another powerful brake out just in the future?

October 6, 2025

If this happens, you can see a huge price of $ 1.9.

October 3, 2025
Add A Comment

Comments are closed.

Recent Posts

Eightco Holdings Inc. ($ORBS) Expands Its Strategic Vision Into The Enterprise

October 10, 2025

Whale.io Launches Battlepass Season 3, Featuring $77,000 In Crypto Casino Rewards

October 10, 2025

Strengthening the AI ​​Agent Economy

October 10, 2025

‘OG’ Whale Attracts Over $400 Million in Bearish BTC Bet

October 10, 2025

Rhuna Raises $2M Seed Round Led by Aptos Labs to Build Stablecoin Payment Infrastructure for Entertainment

October 10, 2025

Mobile App Change Log 7.17.0

October 9, 2025

Building Tomorrow’s Wealth With Tokenized Gold

October 9, 2025

Dreamcash Celebrates 100,000 Waitlist Signups With Exclusive $50k Giveaway Series

October 9, 2025

Ethereum Price at Risk – Bears Lose Momentum Ahead of New Lows

October 9, 2025

Fanable Gets $11.5M To Power The Future Of Pokémon & Collectibles; $COLLECT Token Farming Goes Live Now

October 9, 2025

Bybit Secures UAE’s First Virtual Asset Platform Operator License From Securities And Commodities Authority

October 9, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Eightco Holdings Inc. ($ORBS) Expands Its Strategic Vision Into The Enterprise

October 10, 2025

Whale.io Launches Battlepass Season 3, Featuring $77,000 In Crypto Casino Rewards

October 10, 2025

Strengthening the AI ​​Agent Economy

October 10, 2025
Most Popular

HBAR prices overtake Bitcoin cash after a 4 -month high and 27% rise.

July 14, 2025

What is Kraken? | The Block

August 26, 2024

Paradigm-backed startups Succinct and OP Labs aim to solve ZK rollup

September 11, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.