{"id":7684,"date":"2023-12-04T15:22:22","date_gmt":"2023-12-04T15:22:22","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=7684"},"modified":"2023-12-04T15:22:22","modified_gmt":"2023-12-04T15:22:22","slug":"sofi-finance-company-leaving-crypto-business","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/sofi-finance-company-leaving-crypto-business\/","title":{"rendered":"SoFi is Leaving the Crypto Industry!"},"content":{"rendered":"<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-6\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)]\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"user\" data-message-id=\"aaa20021-f955-4458-8a44-b969b89ca368\">\n<div class=\"\">San Francisco-based financial giant SoFi Technologies Inc. is preparing to exit the cryptocurrency business due to increasing scrutiny pressure from banking regulators. The company has called on its crypto customers to liquidate their accounts or move to Blockchain.com.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><em>You may like:<\/em> <strong><a href=\"https:\/\/coinengineer.net\/blog\/what-is-yearn-finance-yfi\/\">What is Yearn.finance (YFI)? What Does It Do?<\/a><\/strong><\/p>\n<p>At first, established as a student loan financing company 12 years ago, SoFi entered the <strong>crypto industry<\/strong> in January 2022 by obtaining a banking charter. However, the Federal Reserve&#8217;s review of participation in digital assets and increasing regulatory pressures led the company to withdraw from the crypto business.<\/p>\n<p>SoFi, a financial services company that ventured into the cryptocurrency industry in 2019, faced a critical decision regarding regulatory compliance. The company had to weigh the option of obtaining necessary regulatory approvals or exiting the crypto space altogether. Despite generating approximately $6 million in revenue from its crypto business in the last three months, this segment represented only a small fraction of SoFi&#8217;s overall revenue<\/p>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-lzubr-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-lzubr-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-5\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"c583bb81-32c4-43e5-bfb3-8314cb0d0d63\">\n<div class=\"markdown prose w-full break-words dark:prose-invert dark\">\n<p>Interestingly, although SoFi had initially been a high-profile participant in the crypto sphere, its presence dwindled significantly, as reflected in the company&#8217;s financial statements. This decline in significance within the crypto market contrasts with its initial high-profile entry into the industry.<\/p>\n<p>Recent developments have indicated that SoFi&#8217;s crypto customers are required to either liquidate their accounts or migrate to Blockchain.com by December 19, adhering to the company&#8217;s provided instructions. This move may signify a strategic shift or a response to regulatory changes impacting SoFi&#8217;s crypto operations.<\/p>\n<p>It&#8217;s essential for customers and observers to stay updated with SoFi&#8217;s announcements and regulatory developments in the crypto space to understand the rationale behind these changes and their potential implications for the company and its clientele.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMNzVxQsw__DcAw?ceid=TR:tr&amp;oc=3\" target=\"_blank\" rel=\"noopener\"><strong>Follow us on Google News to get instant updates from our content.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>San Francisco-based financial giant SoFi Technologies Inc. is preparing to exit the cryptocurrency business due to increasing scrutiny pressure from banking regulators. The company has called on its crypto customers to liquidate their accounts or move to Blockchain.com. You may like: What is Yearn.finance (YFI)? What Does It Do? At first, established as a student<\/p>\n","protected":false},"author":1,"featured_media":7683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[2787,2784,2785,2786],"class_list":["post-7684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-a-new-quit-from-industry","tag-sofi","tag-sofi-leaving","tag-sofi-technologies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SoFi is Leaving the Crypto Industry! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"San Francisco-based financial giant SoFi Technologies Inc. is getting prepared to leave the Crypto Industry.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/sofi-finance-company-leaving-crypto-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SoFi is Leaving the Crypto Industry! 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