SoFi Technologies halted crypto trading services in 2023 due to stricter regulatory conditions tied to its bank charter

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SoFi had said in August 2023 that it would be forced to exit the crypto investing market due to significant regulatory hurdles in the United States.

SoFi dropped crypto investing in 2023 as a condition of receiving a bank charter under a stricter regulatory environment.

SoFi stopped offering crypto trading services in 2023 as it became a regulated bank. However, two Office of the Comptroller of the Currency interpretive letters from March and May now permit nationally chartered banks to offer crypto custody, execute trades, and hold stablecoin reserves, among other related activities, Sofi said Wednesday.