Digital Assets: SoFi Pulls The Plug On Its Crypto Business

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Digital Assets: SoFi Pulls The Plug On Its Crypto Business

dailyalts

2 years ago

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SoFi Technologies Inc., a rapidly expanding financial-services provider, is exiting the cryptocurrency market due to heightened regulatory scrutiny. The San Francisco-based company, initially focused on student-lending refinancing, diversified its services over 12 years. Having obtained a bank charter in January 2022, with conditions attached regarding its crypto business. Those necessitated regulatory approval or an exit from the digital asset sector within a two-year conformance period.

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