SoFi to Exit Crypto With Banking Regulators Stepping Up Scrutiny

SoFi Technologies Inc., the fast growing one-stop shop for financial-services products, is exiting crypto even with token prices surging because of increased scrutiny of the sector by banking regulators.

The San Francisco-based company told crypto customers Wednesday they will need to liquidate their accounts in coming weeks, or move to crypto exchange and wallet provider Blockchain.com.

SoFi, which was started 12 years ago as a student-lending refinancing company, has since expanded into a slew of other services and received a bank charter in January 2022. The approval of the charter was conditional on a two-year conformance period for its ...