Crowder Securities Limited - SoFi Ends Crypto Business. Customers Should Know This

SoFi Technologies (SOFI) will discontinue its crypto services on December 19. Existing accounts will have the option of migrating to the platform or being closed and liquidated at that time, subject to a few restrictions.
WAN CHAI, Hong Kong - Nov. 29, 2023 - PRLog -- How Does This Impact Customers of SoFi Cryptocurrency?

Existing SoFi bitcoin clients should get an email with migration information today.Users who want to move to must actively request that their account be transferred.

The move will broaden the services accessible to these cryptocurrency accounts, including access to additional tokens, enhanced trading capabilities, and security measures such as the option to self-custody cryptocurrency.

Should I instead cancel my SoFi Crypto account?

SoFi customers who wish to delete their crypto accounts may do so before December 19. Active accounts will be automatically liquidated and closed on that day; consumers will receive information of the transaction via email and the money will be deposited into their brokerage account within 60 days.

The move is scheduled to be finished by 11 p.m.

However, one major hurdle might be the tax implications of selling your shares. If you earn a profit, you may be required to pay capital gains tax on the sale.

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