SoFi Shuts Crypto Services. Here's What Customers Need To Know.
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.
Existing SoFi cryptocurrency customers should receive an email today with details of the migration.
Users who want to migrate to Blockchain.com will have to actively opt-in for their account to be transferred.The migration will expand the services available to these crypto accounts, including access to more tokens, advanced trading features, and security measures including the ability to self-custody crypto.
SoFi users who want their crypto accounts closed can proactively do so before Dec. 19.
On that day, active accounts will automatically be liquidated and closed; users will receive details of that transaction via email and receive proceeds through their brokerage account within 60 days.The migration is expected to be completed by 11 p.m.
But the one big deterrent could be the tax implication of liquidating your holdings. If you make a profit, you could be on the hook to pay capital gains tax on that sale.
Blockchain.com does not directly offer services in all U.S. states. There are also certain tokens that will be restricted for migration to Blockchain.com in certain states.
Customers in Virginia, Hawaii, Louisiana, New Jersey, Nevada, Tennessee and Texas will receive services through a partnership with Bakkt Crypto Solutions and customers will need to agree to Bakkt's terms and conditions.
Additionally, Tokens including Aave, Stellar, Uniswap, and Polkadot, among others, will be automatically sold at the time of account migration on Dec. 19 for customers in those states.
Users in the state of New York
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