SoFi, the financial services platform that entered the crypto trading space in 2019, is shutting down its crypto business due to increased regulatory scrutiny. New account creation has been disabled, and existing users have a three-week window to migrate their crypto accounts to before automatic liquidation. The decision comes in the context of SoFi’s bank charter, granted in January 2022, with conditions tied to regulatory approval for its crypto business within two years.
Source: The Block