US SoFi suspends virtual currency trading service, migrates to Blockchain.com

Tougher regulatory environment

On the 29th, SoFi, a major US online loan intermediary service, announced plans to shut down and transition its virtual currency trading service. SoFi, an abbreviation for social finance, is a fintech company that primarily provides student loans and refinancing services for students, and has expanded into virtual currency-related businesses since 2019.

The company has already stopped opening new accounts for the virtual currency trading service provided by its virtual currency division “SoFi Digital Assets,” and said that existing virtual currency accounts will need to be migrated to the exchange Blockchain.com. .

Users in seven states (Hawaii, Louisiana, New Jersey, Nevada, Tennessee, Texas, and Virginia) must liquidate unsupported altcoins before migrating to Blockchain.com, and users in New York must liquidate their unsupported altcoins before moving to Blockchain.com. Since the account has not been updated, the account will need to be completely closed by January.

SoFi did not give a specific reason for the termination of the service, but it appears to be due to the increasingly strict regulatory environment in the United States.

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