SoFi’s transition away from directly offering crypto services may be tied to its decision to become a bank holding company. The U.S. Federal Reserve, as part of that approval, told the company that its crypto activities were not permissible under banking rules, though it would be allowed to continue them for two years, with the possibility of extensions, according to a regulatory filing. (Bloomberg reported on SoFi’s decision to close and the link to banking regulation earlier Wednesday.)
Related posts
-
Latam Insights: Paraguay Unveils Bitcoin Mining Centric Development Strategy, Itau Unibanco Rolls Crypto Trading for All Customers
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during... -
Turkish Bank Garanti BBVA Embraces Digital Assets With New Crypto Wallet and Trading Platform
In a significant move towards embracing digital assets, Turkish... -
Malaysia Launches Special Operation to Crack Down on Crypto Tax Evasion
Malaysia’s Inland Revenue Board (IRB), in collaboration with the...