The move is likely tied to its bank charter, which was conditionally approved with a two-year period in which it was required to receive approval for its crypto business. SoFi had previously described discussions with the Federal Reserve "to determine whether there is a path to conform our crypto-related activities to the requirements of the Bank Holding Company Act" — this move suggests they decided there was not.
SoFi neobank ditches crypto
After entering the crypto sector in 2019, the neobank SoFi is jettisoning the blockchain portion of its business by mid-December. Customers are being given the option to move their accounts to Blockchain.com; otherwise their assets will be liquidated.
- "SoFi Is Exiting Crypto With Banking Regulators Stepping Up Scrutiny", Bloomberg [archive]
- SoFi Technologies, Inc. Form 10-K, filed with the SEC