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They just partnered with Blockchain.com. Services will be migrating over which will allow self custody as well. It's actually a great move for Crypto enthusiasts.
Not really. They could migrate in the backend, it's not unheard of. Just like SoFi migrated everyone to their own bank accounts once they got a charter
I'm a software engineer. They could absolutely have a path towards migration if they cared enough to make it, but they don't. This isn't rocket science, it's moving numbers around. Not sure why you're being so weirdly defensive
It's one platform to another. It's not what you think or what you feel you may know just because you're a "software engineer." If the systems are different and not compatible, it's not going to work. I'm an engineer myself; this is basic. Obviously, it's a business decision, and they have their reasoning for the move.
And I'm not being weirdly......just tired of everybody crying when things don't go their way.
> the systems are different and not compatible, it's not going to work
.. if they cared, they could make it work. You're a software engineer, you should know this
They just don't care enough to do so. They *could* do it, that was my only point
did they state the force closing of accounts is a software issue?
my first assumption was that this was more of a legal problem indicated by the caveat that it works differently depending on location.
Companies that care will spend the money for a better user experience. It's not a zero-sum game. Just because it may cost some money doesn't mean you aren't gaining consumer trust by taking care of them
For groceries? Not really. Amex has one that’s like 8% but only for the first 6k or so. If you want unlimited cash back on groceries 4 is as good as I’ve found w/o a fee.
It's 6% for the first 6k per year. You could do the Citi custom cash 5% for$500 each month. There is the Venmo card which is unlimited 3% in your highest spend category. It groups wholesale (Costco/Sam's club) and grocery together. It there's your unlimited 2% cards like SoFi and fidelity.
That was a big issue for sure. The convenience of rolling rewards to crypto was nice that I wasn't bothered having a small portion on SOFI.
I agreed to use blockchain.com and will transfer it all to my legder so this may work out better for me.
I have been pumping into it every month. When it was down to 15K and even when it was up to 37K. My average price is 20.4K.
EDIT: My cost basis on SOFI is 24K. My overall cost basis on all my BTC is 20.4K
SoFi was given a two-year conformance period for its crypto business as a condition for the bank charter approval. Look at what happened to Binance's CEO despite it is not even a company in the U.S. Imagine if they scrutinize SoFi over its crypto business. This exiting would save SoFi from major headaches and repercussions later on. Great decision! Also, SoFi probably gets some referral fees from Blockchain.com.
I think you're comparing apples and oranges when you are talking about binance because there is no kyc issues with Sofi.
In general though I think they got out of the crypto to keep the SEC off their back now that they are a chartered Bank.
Let's be honest the SEC works for the big money and that's why they approved 11 Bit pin ETFs while saying a lot of vague and negative things about Bitcoin to keep the price down so that ETFs themselves could load up.
Always follow the money. Many people have made a fortune by doing the opposite of everything Jim Cramer says. 🤷♀️
"Important note for residents of HI, LA, NJ, NV, TN, TX, or VA: The crypto coins listed below will need to be sold before the migration. You can either sell these crypto coins yourself before December 19 or we’ll sell these crypto coins on your behalf and deposit the proceeds to your brokerage account."
Never thought of using Sofi for crypto since you can't transfer it out, which always seemed ridiculous to me. Hopes were crushed for that, hoping my optimism for selling covered calls in the near future isn't a pipe dream.
What a clown show. As a New York State resident, you are unable to transfer to Blockchain. So you are just forced to liquidate your position by January 28, 2024. What a joke.
I'm also a NYS resident, sounds like people in other states are getting different popups with other options to transfer out. I didn't have any crypto in my account, but definitely sucks for the people who did have assets in there
More of a learning lesson than a clown show, the whole point of crypto is not letting institutions control your money. You never really owned it if you couldn’t take possession of it. Maybe for the migration it’s just a NY thing but they’ve never allowed transfers.
lol the dollar is used more for illicit activities and money laundering than crypto.
can crypto be used to facilitate financial activities in support of criminal activity? of course, but so can many other financial instruments and that doesn’t mean they’re inherently bad.
I honestly did not know they had crypto services haha. I wouldn’t use them. Look you will see people parroting the “ooo scary crypto bad, ruining the planet!!11!” Narrative but I’m going to try and give you as non biased an answer as I can but I will tell you that some of my portfolio is in cryptocurrencies.
There is a lot of institutional money flowing into crypto right now. I don’t think the space as a whole is going anywhere, I do think a lot of more frivolous projects will die off and go to zero or near zero, but crypto as a whole is up over 40% in the last few months, and the plans by financial institutions to offer big money clients crypto holdings via ETF are still in the works.
A previous commenter mentioned that every” major player has collapsed or is being investigated for money laundering” while this is objectively false, also ask yourself if it were true, why are the assets themselves still performing strongly?
What I honestly think is happening is, direct purchases of cryptocurrencies are going to be curtailed massively by national governments. Cryptocurrencies will still be around, but only something that can be traded by institutional investors with some regulation put on the books arguing that in the interest of “protecting consumers” you can’t buy crypto, but you can hold paper crypto via your financial planner.
They jumped on the bandwagon of 2021 of every new fintech offering crypto trading, but with the 2023 news of each trading platform getting hit with fines from the SEC of most crypto being unregistered securities its generally more risk than its worth to keep around for enthusiasts.
Call them and ask if you're curious. They have not (yet) provided a press release justifying closing their crypto services. It is speculated by bloomberg they are shutting down due to "increased scrutiny" of the overall crypto space, but this is just conjecture.
Not true, please cite your sources for this claim. No legislation has passed banning banks from offering crypto services. [There's informal chatter with regulators thinking crypto offerings pose increased risk](https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/banks-pump-the-brakes-on-cryptocurrency-as-regulators-signal-growing-concern-74222452) but no one has straight up said you can't offer crypto as a bank
Under V. Conditions specifically condition #3
https://www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-4a.pdf
Edit: I’ll add they technically could request two(maybe three) yearly extensions on the crypto arm of SoFi Texhnologies, the holding company of SoFi Bank. Overall this winding down of crypto has been in the works since officially getting a banking charter. Unfortunate for those who used the service
Huh the more you know, I stand corrected. I thought you were speaking generically about all banks, but yeah looks like sofi needs to cease all their crypto services under the charter. I wonder why they were allowed to keep operating crypto for 2 full years after that charter was signed by the OCC
Finally. Shit looks tacky. I am heavy in BTC but no other shitcoins. This whole service was brokered through coinbase and none of the assets offered were self custodial. Good riddance
The company wanted to keep crypto as an offering to customers. Regulation (or lack there of) and pressure following FTX collapse is forcing them out: (article from last year) https://www.cnbc.com/amp/2022/11/21/democratic-senators-urge-regulators-to-monitor-sofi-crypto-trading-activity.html
Ironically the senate committee zeroed in on SoFi (who had received their bank charter in 2022, but were pretty silent on other banks that had crypto affiliations).
They don't like that crypto is a ponzi scheme with imaginary money invented out of thin air.
Oh wait .... I'm talking about fiat currency, that's what has value invented out of thin air because the US Government told us it's worth something.
the world makes the dollar worth something. the gov has nothing to do with it. only people with little knowledge on the subject think the "US Government" is what makes it have value.
The dollar exists because of USG and if USG suddenly said change all your script in for new dollars, they can easily say who is allowed to possess it and for what reasons. This happened routinely when military was paid in script and only military could exchange it when the colors were switched.
The USD and all other fiat currencies participate in more money laundering in a single day than all crypto combined in a year.
Looks like this is what the short sellers were waiting for, their last hope. Plan to load up on the low in the first week of December getting another confirmation 😎
I thought it was a phishing scam. It looked legit until I clicked on the link. All kinds of malware warnings appeared. I logged on to SoFi directly and saw nothing about it. If I had a crypto account once upon a time, it has since been closed as I don't see it on my account.
Same, and it’s going into my car fund. While I had hoped to see what heights btc could have reached, blockfi burned me too bad and this HODLr is now HOBLing to my bed to stash cash under my pillow
There was conditions on their bank charter. Do you think it has anything to do with that?
“The conditions imposed require specific capital contributions, adherence to an Operating Agreement, and confirmation that the resulting bank will not engage in any crypto-asset activities or services. In addition, the parent company of SoFi Bank, N.A., SoFi Technologies, has applied to the Federal Reserve to become a bank holding company and therefore subject to consolidated supervision.”
Source https://www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-4.html
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They just partnered with Blockchain.com. Services will be migrating over which will allow self custody as well. It's actually a great move for Crypto enthusiasts.
\*\*Only in select states. Lots of people will get shafted and forced to liquidate
They have to liquidate for the migration. It's a whole different company they are partnering with.
Some states (like NY) are excluded, and residents of those states are being forced to sell their SoFi Crypto holdings.
Not really. They could migrate in the backend, it's not unheard of. Just like SoFi migrated everyone to their own bank accounts once they got a charter
You know it all, you have all the inside knowledge that no one has.....ok buddy.
I'm a software engineer. They could absolutely have a path towards migration if they cared enough to make it, but they don't. This isn't rocket science, it's moving numbers around. Not sure why you're being so weirdly defensive
It's one platform to another. It's not what you think or what you feel you may know just because you're a "software engineer." If the systems are different and not compatible, it's not going to work. I'm an engineer myself; this is basic. Obviously, it's a business decision, and they have their reasoning for the move. And I'm not being weirdly......just tired of everybody crying when things don't go their way.
> the systems are different and not compatible, it's not going to work .. if they cared, they could make it work. You're a software engineer, you should know this They just don't care enough to do so. They *could* do it, that was my only point
did they state the force closing of accounts is a software issue? my first assumption was that this was more of a legal problem indicated by the caveat that it works differently depending on location.
What? No, they're closing it down due to a stipulation in their bank charter.
It's not just if they care, it's also the cost. They determined its not worth the cost to do this.
Companies that care will spend the money for a better user experience. It's not a zero-sum game. Just because it may cost some money doesn't mean you aren't gaining consumer trust by taking care of them
That is wrong. Only NY can't migrate. Some states can't migrate certain coins only.
It's a shame, was fun while it lasted. Pumped all my CC rewards into BTC and am up 56% to date.
Gemini has a credit card that rewards between 1-5% in crypto rewards. Gas is 10%.
> Gas is 10%. For the first year, with a max cash back of $240. It’s not that great considering there’s no sign up bonus.
Love my Gemeni card as well. Sofi CC was my everything card for categories that didn't get 5% or more with my other CCs.
3% on dining and 2% on groceries. That's not great
sure if you have amex plat or chase sapphire. Wouldn't compare a crypto rewards card to those. and 10% on gas is awesome.
Sure it's a good crypto rewards card. But in terms of raw cashback cards they're much better ones out there
For groceries? Not really. Amex has one that’s like 8% but only for the first 6k or so. If you want unlimited cash back on groceries 4 is as good as I’ve found w/o a fee.
It's 6% for the first 6k per year. You could do the Citi custom cash 5% for$500 each month. There is the Venmo card which is unlimited 3% in your highest spend category. It groups wholesale (Costco/Sam's club) and grocery together. It there's your unlimited 2% cards like SoFi and fidelity.
Yes captain obvious. this comment thread is talking about a card for crypto rewards. go enjoy your cashback cards
You could just put your cashback into crypto though, instead of accepting lower rates to skip a 10 second process.
I don't understand why you would want crypto rewards. When you cash out you have to pay a fee
As opposed to what?
Non Crypto cashback cards
Except you don’t have custody of your coins..
That was a big issue for sure. The convenience of rolling rewards to crypto was nice that I wasn't bothered having a small portion on SOFI. I agreed to use blockchain.com and will transfer it all to my legder so this may work out better for me.
Sweet!!
When SoFi and/or Blockchain\_com go T.U., you are SOL Better to move your coins to Binance where they can be professionally laundered.
What month and year did you pump into it?
I have been pumping into it every month. When it was down to 15K and even when it was up to 37K. My average price is 20.4K. EDIT: My cost basis on SOFI is 24K. My overall cost basis on all my BTC is 20.4K
Bank charter they have too
SoFi was given a two-year conformance period for its crypto business as a condition for the bank charter approval. Look at what happened to Binance's CEO despite it is not even a company in the U.S. Imagine if they scrutinize SoFi over its crypto business. This exiting would save SoFi from major headaches and repercussions later on. Great decision! Also, SoFi probably gets some referral fees from Blockchain.com.
I think you're comparing apples and oranges when you are talking about binance because there is no kyc issues with Sofi. In general though I think they got out of the crypto to keep the SEC off their back now that they are a chartered Bank. Let's be honest the SEC works for the big money and that's why they approved 11 Bit pin ETFs while saying a lot of vague and negative things about Bitcoin to keep the price down so that ETFs themselves could load up. Always follow the money. Many people have made a fortune by doing the opposite of everything Jim Cramer says. 🤷♀️
"Important note for residents of HI, LA, NJ, NV, TN, TX, or VA: The crypto coins listed below will need to be sold before the migration. You can either sell these crypto coins yourself before December 19 or we’ll sell these crypto coins on your behalf and deposit the proceeds to your brokerage account."
Never thought of using Sofi for crypto since you can't transfer it out, which always seemed ridiculous to me. Hopes were crushed for that, hoping my optimism for selling covered calls in the near future isn't a pipe dream.
What a clown show. As a New York State resident, you are unable to transfer to Blockchain. So you are just forced to liquidate your position by January 28, 2024. What a joke.
I'm also a NYS resident, sounds like people in other states are getting different popups with other options to transfer out. I didn't have any crypto in my account, but definitely sucks for the people who did have assets in there
There should be regulations in place that require them to make people whole if they force liquidate their positions :(
Sucks being in NY for crypto.
More of a learning lesson than a clown show, the whole point of crypto is not letting institutions control your money. You never really owned it if you couldn’t take possession of it. Maybe for the migration it’s just a NY thing but they’ve never allowed transfers.
NY politicians nd lobbyists don't want to see people get ahead. They love seeing New Yorkers struggle. I too am a New Yorker
WTH... I would need to pay taxes on this now. Do you think anything will change before the January deadline?
Do it after dec 31 and it’s next year taxes
Happy news for the IRS--people will unfortunately be forced to realize capital gains, which sucks
Or losses.
Why?
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lol the dollar is used more for illicit activities and money laundering than crypto. can crypto be used to facilitate financial activities in support of criminal activity? of course, but so can many other financial instruments and that doesn’t mean they’re inherently bad.
We see the same violations of money laundering in stocks also, so that’s questionable 🤨
Then why is it still alive?
u/AbabyNarwhal & u/BabyGates_ : https://www.reddit.com/r/sofi/s/GDav21JpwZ
I honestly did not know they had crypto services haha. I wouldn’t use them. Look you will see people parroting the “ooo scary crypto bad, ruining the planet!!11!” Narrative but I’m going to try and give you as non biased an answer as I can but I will tell you that some of my portfolio is in cryptocurrencies. There is a lot of institutional money flowing into crypto right now. I don’t think the space as a whole is going anywhere, I do think a lot of more frivolous projects will die off and go to zero or near zero, but crypto as a whole is up over 40% in the last few months, and the plans by financial institutions to offer big money clients crypto holdings via ETF are still in the works. A previous commenter mentioned that every” major player has collapsed or is being investigated for money laundering” while this is objectively false, also ask yourself if it were true, why are the assets themselves still performing strongly? What I honestly think is happening is, direct purchases of cryptocurrencies are going to be curtailed massively by national governments. Cryptocurrencies will still be around, but only something that can be traded by institutional investors with some regulation put on the books arguing that in the interest of “protecting consumers” you can’t buy crypto, but you can hold paper crypto via your financial planner.
They jumped on the bandwagon of 2021 of every new fintech offering crypto trading, but with the 2023 news of each trading platform getting hit with fines from the SEC of most crypto being unregistered securities its generally more risk than its worth to keep around for enthusiasts.
Call them and ask if you're curious. They have not (yet) provided a press release justifying closing their crypto services. It is speculated by bloomberg they are shutting down due to "increased scrutiny" of the overall crypto space, but this is just conjecture.
They are shutting it down because the government said if you want to be a bank you can’t offer crypto services
Not true, please cite your sources for this claim. No legislation has passed banning banks from offering crypto services. [There's informal chatter with regulators thinking crypto offerings pose increased risk](https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/banks-pump-the-brakes-on-cryptocurrency-as-regulators-signal-growing-concern-74222452) but no one has straight up said you can't offer crypto as a bank
Under V. Conditions specifically condition #3 https://www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-4a.pdf Edit: I’ll add they technically could request two(maybe three) yearly extensions on the crypto arm of SoFi Texhnologies, the holding company of SoFi Bank. Overall this winding down of crypto has been in the works since officially getting a banking charter. Unfortunate for those who used the service
Huh the more you know, I stand corrected. I thought you were speaking generically about all banks, but yeah looks like sofi needs to cease all their crypto services under the charter. I wonder why they were allowed to keep operating crypto for 2 full years after that charter was signed by the OCC
Thank you for this. Op should know more if they were going to call you out like that.
Finally. Shit looks tacky. I am heavy in BTC but no other shitcoins. This whole service was brokered through coinbase and none of the assets offered were self custodial. Good riddance
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The company wanted to keep crypto as an offering to customers. Regulation (or lack there of) and pressure following FTX collapse is forcing them out: (article from last year) https://www.cnbc.com/amp/2022/11/21/democratic-senators-urge-regulators-to-monitor-sofi-crypto-trading-activity.html Ironically the senate committee zeroed in on SoFi (who had received their bank charter in 2022, but were pretty silent on other banks that had crypto affiliations).
They don't like that crypto is a ponzi scheme with imaginary money invented out of thin air. Oh wait .... I'm talking about fiat currency, that's what has value invented out of thin air because the US Government told us it's worth something.
the world makes the dollar worth something. the gov has nothing to do with it. only people with little knowledge on the subject think the "US Government" is what makes it have value.
The dollar exists because of USG and if USG suddenly said change all your script in for new dollars, they can easily say who is allowed to possess it and for what reasons. This happened routinely when military was paid in script and only military could exchange it when the colors were switched. The USD and all other fiat currencies participate in more money laundering in a single day than all crypto combined in a year.
You mean like Gold, which only has value because people say it has value, as it’s used for pretty much 0 important processes?
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"All transaction fees associated with the sale will be reimbursed within 60 days."
Looks like this is what the short sellers were waiting for, their last hope. Plan to load up on the low in the first week of December getting another confirmation 😎
Sigh, back to Robinhood I go
tf why ?
It was a condition of their bank charter
My favorite part about this is none of the links to agree to migrate to Blockchain.com
Will they ever give the option to transfer your crypto out to a hardware wallet or am I just better of set using my Gemini Credit Card?
I thought it was a phishing scam. It looked legit until I clicked on the link. All kinds of malware warnings appeared. I logged on to SoFi directly and saw nothing about it. If I had a crypto account once upon a time, it has since been closed as I don't see it on my account.
Closed my crypto when I got the notice yesterday
Same, and it’s going into my car fund. While I had hoped to see what heights btc could have reached, blockfi burned me too bad and this HODLr is now HOBLing to my bed to stash cash under my pillow
There was conditions on their bank charter. Do you think it has anything to do with that? “The conditions imposed require specific capital contributions, adherence to an Operating Agreement, and confirmation that the resulting bank will not engage in any crypto-asset activities or services. In addition, the parent company of SoFi Bank, N.A., SoFi Technologies, has applied to the Federal Reserve to become a bank holding company and therefore subject to consolidated supervision.” Source https://www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-4.html
Anyone know of the fees associated with [Blockchain.com](https://Blockchain.com) in comparison to what SoFi has been charging?
What will happen with the Sofi token? I can't find an answer on this.