SoFi’s Crypto Service Shutdown: Options, Implications, and Alternatives

SoFi Technologies Inc. is ending its crypto services by December 19, giving customers two choices. The default option is to close accounts and sell all crypto assets, transferring the funds to brokerage accounts within 60 days. Alternatively, customers can opt to move their accounts to, accessing features like self-custody and advanced trading, but losing the integration with their banking platform, a key feature of SoFi’s crypto service.

Residents in specific states can switch to Bakkt Crypto Solutions, moving certain tokens automatically. New York accounts won’t migrate but will stay open till January 28, allowing only crypto selling until closure.

This shift comes amid a turbulent year for crypto trading platforms. SoFi’s exit from crypto caught the attention of ARK Invest, leading to an investment in SoFi stock. This move, in the works for almost two years due to regulatory requirements, caused a spike in SoFi’s stock last week.

For users seeking an alternative after SoFi’s exit, Kraken is an option, offering a vast range of cryptocurrencies, low fees, and a user-friendly interface catering to both beginners and experienced traders.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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