TechFlow news — SoFi Technologies Inc., a San Francisco-based financial services company, announced its exit from the cryptocurrency sector due to increased scrutiny from banking regulators.
The company notified its crypto customers to either liquidate their accounts or transfer them to Blockchain.com within the coming weeks.
Existing members must migrate their cryptocurrency holdings to Blockchain.com by December 19; otherwise, any remaining balances will be liquidated.
SoFi plans to begin referring its members to other cryptocurrency partners starting next year. Although SoFi was once considered crypto-friendly, cryptocurrency has remained a minor part of its business, generating about $6 million in brokerage-related fees over the past three months and holding a total of $139.4 million in digital assets. SoFi's revenue for this year is projected to reach $2 billion.
