SoFi Technologies Exits Cryptocurrency Market Amid Regulatory Pressure

Customers given until Dec. 19 to transfer holdings to Blockchain.com or face liquidation.

SoFi Technologies Inc. is withdrawing from the cryptocurrency market due to increased regulatory oversight.
Existing customers have until Dec. 19 to migrate their crypto to Blockchain.com or their holdings will be sold.
The specifics of the agreement between SoFi and Blockchain.com have not been disclosed.
SoFi began its foray into cryptocurrency in 2019 and has since become a notable player in the sector.
Brokerage-related fees, which include crypto fees, amounted to about $6 million for the quarter ending Sep. 30.