Online bank and financial services company SoFi Technologies (SOFI) has announced it will be exiting the cryptocurrency industry over the next few weeks. The decision, which obeys the increasing regulatory industry, was announced to crypto customers on Wednesday.
SoFi, which had a net revenue of over $537 million according to its Q3 financial report, was one of the biggest names to operate with digital assets like crypto up to this point. Public documents show that SoFi held over $139 million in crypto assets up to September 30 of this year.
The crypto holdings and accounts will be transferred to Blockchain.com if customers choose not to liquidate. While this means that mass liquidation won’t necessarily be the result, the announcement represents a hard hit for the cryptocurrency industry, which has found it difficult to legitimize itself amid a regulatory crackdown and a lack of regulatory clarity.
