The online personal finance company SoFi has announced it is exiting the crypto business, citing increased regulatory scrutiny of the industry. The company said it will stop offering SoFi crypto services, which included buying, selling and holding bitcoin and other cryptocurrencies.
SoFi said the decision was a result of the “regulatory environment around digital assets,” adding that it wants to focus its efforts on its core personal finance services.
The company said that it had already “temporarily paused” crypto activities earlier this year, and that now having “carefully considered the regulatory environment” it had decided to exit the crypto business. It added that it “remains supportive” of the crypto industry, and will be monitoring its progress going forward.
The decision comes at a time when U.S. regulators are stepping up their scrutiny of cryptocurrency companies. Last month, the SEC announced charges against Ripple Labs for allegedly offering unregistered securities. The crypto sector has also come under fire from lawmakers for its involvement in illegal activities such as money laundering.
