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Fortune
Fortune
Marco Quiroz-Gutierrez

SoFi is getting out of crypto. Customers have 3 weeks to move their accounts to Blockchain.com—or possibly face a big tax bill

SOFI Crypto blockchain the Federal Reserve
(Credit: Paulo Duarte—Bloomberg/Getty Images)

Amid increased scrutiny of the banking sector by the Federal Reserve, San Francisco–based SoFi is ending crypto services even after a recent surge in token prices.

U.S.-based users can no longer create crypto accounts, and existing customers have until Dec. 19 to migrate their crypto to Blockchain.com. If a user does nothing, their holdings will be sold, which could create a substantial tax bill.

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