Skip to content

Sofi Makes Bold Move to Depart From US Crypto Market in Financial Services Sector

The Windup of Crypto Services by Sofi

As we wrap up the year, we are greeted with an unexpected announcement from the US financial services platform, Sofi. Come December 19, it is ceasing all offerings of its popular crypto services. The reasons presented touch upon the escalating examinations and regulations from banking authorities around the burgeoning crypto sector. Customers willing to migrate their accounts to other crypto platforms have been instructed through detailed guidelines on Sofi’s online portal.

No New Crypto Accounts on Sofi

In light of the recent developments, Sofi has already informed its patronage that they’re shutting down their cryptocurrency services from 19th December onwards. This announcement was shared via an update on their official webpage. Sofi customers are now left with two options – either migrate their accounts to a platform named or have their crypto accounts closed.

As reported by a leading financial news outlet, this swift decision from Sofi has been triggered by the stringent scrutiny launched on the cryptosphere by US banking regulators. Heard through the grapevine, Sofi, was handed a conditional bank charter at the start of 2022. To keep up with the obligations of this charter, Sofi needed to garner the necessary approvals within a span of two years. If they failed to meet these stipulations, then they had no other choice but to suspend their current business endeavors.

Crypto Trading Still Accessible to Sofi Users

Despite announcing their exit, Sofi users can continue to trade in cryptocurrencies using their accounts in the interim. The necessary steps for this transition phase and account migration have been highlighted on their official site.

In addition, a special note was shared for Sofi customers residing in various US states, including Hawaii, New Jersey, Louisiana, Nevada, Tennessee, Texas, and Virginia. They were directed to liquidate certain digital assets before the scheduled deadline. If these assets remain unsold, Sofi will take it upon themselves to liquify these assets, and the net returns will be deposited into the individual’s brokerage accounts within a span of 60 days.

However, the situation is slightly different for Sofi users living in New York State. Although they are ineligible for account migration to, their accounts will remain active until January 28, 2024. Yet, post the deadline, purchase of new cryptocurrencies will no longer be permitted. Only sell orders will be entertained during this period.

Here’s How Oil Profit Trading Can Help

Given the unexpected departure of Sofi from the crypto sphere, here’s an opportunity for you to consider an alternative – our very own oilprofittrading app. Our platform offers a safe and reliable avenue to commence your crypto trading journey anew.

Our app is designed with an intuitive interface that makes tracking your cryptocurrency investments a breeze. So, while Sofi is redirecting its course, remember that with oilprofittrading, you’re in safe hands.

Frequently asked Questions

1. Why is Sofi leaving the US crypto market?

Sofi has decided to depart from the US crypto market in order to focus on its core financial services sector. By making this bold move, the company aims to streamline its operations and allocate resources more efficiently to better serve its customers.

2. Will Sofi continue to offer any crypto-related services?

No, Sofi will no longer provide any crypto-related services as part of its strategic shift. The company believes that by concentrating on its core financial services, it can enhance its offerings and provide a more comprehensive and tailored experience to its users.

3. What impact will this move have on existing Sofi crypto customers?

Existing Sofi crypto customers will no longer be able to access or trade cryptocurrencies through Sofi’s platform. However, the company has assured that it will continue to support and assist its customers during the transition period, providing guidance and ensuring a smooth exit from the crypto market.

4. How will this decision affect Sofi’s financial services sector?

By departing from the US crypto market, Sofi aims to strengthen its financial services sector by focusing on its traditional offerings such as banking, investing, and lending. This strategic move will enable the company to allocate resources more effectively and enhance its overall financial service capabilities.

5. Are there any specific reasons behind Sofi’s departure from the US crypto market?

Sofi’s departure from the US crypto market is primarily driven by its desire to streamline operations and allocate resources more efficiently. The company believes that by narrowing its focus on its core financial services, it can better align its strategies and offerings with its target audience, resulting in improved customer satisfaction and business performance.

6. Will Sofi consider reentering the crypto market in the future?

While Sofi’s current decision involves a departure from the US crypto market, the company has not ruled out the possibility of reevaluating its stance in the future. Sofi will continue to monitor the industry landscape and evaluate market conditions to determine whether reentry into the crypto market aligns with its long-term objectives and customer demands.

7. How does Sofi plan to differentiate itself in the financial services sector after leaving the crypto market?

After exiting the US crypto market, Sofi intends to differentiate itself in the financial services sector by focusing on its core strengths and expertise. The company aims to provide innovative solutions, personalized services, and seamless user experiences in areas such as banking, investing, and lending. Sofi’s departure from the crypto market allows it to concentrate its efforts on these traditional financial services, positioning itself as a leader in the industry.