SOFI up 7.48% on news it is leaving crypto | AMNB Message Board Posts


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Msg  47733 of 49014  at  12/1/2023 4:11:23 PM  by

Palestone


SOFI up 7.48% on news it is leaving crypto

SOFI up 7.48% on news it is leaving crypto.  It had obtained a bank charter, which should have helped it, but:
'In 2022, SoFi received a bank charter that was conditional on the company either receiving the necessary approvals for its crypto business or disbanding it. At the time, the Federal Reserve found that its crypto trading subsidiary, SoFi Digital Assets, was “engaged in certain crypto-related activities that the Federal Reserve has not found to be permissible for a bank holding company.” 
 
Apparently, it has now decided on the latter course.  Crypto customers can migrate to Blockchain.com -- part of an undisclosed deal.


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