Financial services platform SoFi has decided to stop its cryptocurrency activities.
SoFi, which started providing cryptocurrency services in 2019, has stopped new user registrations. For those who already use the platform to transfer the cryptocurrencies in their accounts to Blockchain.com before they are liquidated. they have three weeks.
The opportunities provided to users vary depending on the state. Users in some states will need to sell tokens such as Avalanche (AVAX), Sushi (SUSHI).
As of the third quarter of the year, SoFi had $140 million worth of cryptocurrency on its balance sheet, $75 million of which was Bitcoin and $47 million was Ethereum.
According to information provided by Bloomberg, SoFi is working on crypto money. stops due to regulations.
The banking license the company received in January 2022 was contingent on the company receiving regulatory approval for its cryptocurrency activities within two years. SoFi warned that it might discontinue these services in its Form 10-K for last year:
“While we are in discussions with the Federal Reserve to see if there is a path we can take to bring our crypto-related activities into compliance with the Bank Holding Company Act, there is no doubt that these efforts will be successful or that the Federal Reserve will grant us a two-year grant after becoming a bank holding company to continue our crypto-related activities.” “There is no guarantee that we will be able to get an extension beyond the adaptation period.”