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.)
