SoFi confirmed that it is getting significant regulatory pressure over its crypto services.
SoFi Technologies, Inc. is popularly known as SoFi which is a popular name in the crypto sector because of its crypto services. San Francisco is headquartered, this company provides financial products including student loan refinancing, mortgages, personal loans, credit cards, investing, and banking through both mobile app and desktop interfaces. Along with traditional financial services, this bank also provides trading of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC) and 17 other top cryptocurrencies.
A recent report by Bloomberg confirmed that SoFi Technologies decided to wind down its crypto-related business activities.
This decision was taken by SoFi because of the increasing regulatory pressure on it by the banking regulators.
On Wednesday, SoFi informed the customers regarding this matter and confirmed that customers will be required to liquidate their Crypto accounts in the coming weeks.
On 19 Dec SoFi will shut down its crypto trade services permanently and with that SoFi’s crypto-interested customers will need to go for other crypto exchanges to trade cryptocurrencies.
At the beginning of this year, many US-based banks collapsed and the majority of the crypto haters blamed crypto companies for the downfall of these banks. Perhaps the official reports confirmed that crypto companies were not responsible for the downfall of the crypto-friendly banks but still haters blindly targeted this innovative sector badly.
After the bankruptcy of banks, the majority of the crypto companies struggled badly to get new banking partners and also all those banks who were providing any kind of financial services to crypto firms terminated their services.
It is interesting to note that all the banks are open to providing banking services to the crypto companies but still, the majority of the Banks try to keep services away from crypto-related companies.