SAN FRANCISCO–The giant fintech SoFi Technologies said it will be exiting the cryptocurrency business, citing increased scrutiny from banking regulators.
The company has given its crypto customers the option to migrate to U.K.-based Blockchain.com. SoFi said it was ending its crypto services effective Dec. 19
The move comes as the crypto industry has seen a number of high profile failures and other issues, although the price for some bitcoin has actually appreciated.
Over the last year the huge FTX exchange collapsed, with its founder and CEO recently found guilty of various frauds, and former Binance chief Changpeng Zhao pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement.
Option to Close Accounts
SoFi said its eligible customers can migrate their account to Blockchain.com or close their account instead. Crypto users in some states, such as New York, will not be eligible for the migration due to New York state availability.
SoFi had allowed its users to buy and sell more than 20 crypto currencies including bitcoin, dogecoin and ethereum through its platform.
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