Important Information for Customers: SoFi Ceases Crypto Services

Key Takeaways

SoFi Technologies is ⁢shutting down its ⁣cryptocurrency services by Dec. 19, ‌the company announced Wednesday.Existing users can either opt-in to⁣ have their accounts transferred to privately-held Blockchain.com or have their sofi-ceases-crypto-services.html” title=”Important Information for Customers: SoFi Ceases Crypto Services”>accounts automatically closed.For⁤ users cashing out for a profit,‍ the sale could trigger a ⁣tax implication.In some⁢ states‍ where Blockchain.com does not provide services, users will have to sign up with its partner ⁣Bakkt Crypto Solutions.Users in New York ‍will not ​be ⁤eligible for the migration and will need to​ sell‌ or have their‌ accounts liquidated.

SoFi Technologies ⁣(SOFI)⁢ will shut down its crypto services by Dec. ​19.⁣ Existing accounts will ⁤have the choice to migrate⁣ to Blockchain.com platform​ or be closed and liquidated at that time, with a few caveats.

What‌ Does This Mean For SoFi‌ Crypto Customers?

Existing SoFi cryptocurrency customers should ​receive an email today with details of the migration.

Users ‍who⁣ want to migrate to…

2023-11-29 14:30:13
Article from www.investopedia.com
rnrn