SoFi Ending Crypto Services, Transferring Customers to Blockchain.com Amid Regulatory Pressure
• SoFi ending crypto services; existing customers have until Dec. 19 to move holdings to Blockchain.com or risk assets being sold (tax implications)
• Hundreds of thousands of SoFi crypto customers expected to switch to Blockchain.com
• Blockchain.com sees partnership as pivotal moment in growth trajectory
• SoFi received bank charter conditional on winding down crypto business
• Comes as Fed increases scrutiny of crypto activities; SoFi crypto revenue never major driver