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SoFi to End Crypto Trading Services for Users by Dec. 19

SoFi Technologies, a US personal finance company, has announced that it will be ending its cryptocurrency trading services for users by December 19th. New crypto account openings have been suspended immediately, and existing users must either migrate their accounts to Blockchain.com or close them. Clients residing in certain states must liquidate certain altcoins unsupported on Blockchain.com prior to account transfers. The decision to end SoFi's cryptocurrency accounts does not impact other SoFi Invest offerings, such as brokerage accounts and Individual Retirement Arrangements (IRAs). The company did not state a reason for ending its crypto services, but reports suggest that the sector is facing wider scrutiny from banking regulators.

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