Following the sensational demise of Bahamas-based crypto exchange FTX, SoFi now funds itself on the receiving end of increased scrutiny from U.S. Senators regarding its own cryptocurrency trading platform, in terms of compliance and reserves. Senators Sherrod Brown, Jack Reed, Chris Van Holland, and Tina Smith sent open letters to bank regulators inquiring about SoFi’s consumer protection protocols. This comes on the heels of another dose of unwelcome news for SoFi as the White House announced it will continue to freeze student loan repayments, cutting-off SoFi’s revenue from originating and servicing the same.
Online Bank SoFi Struggles Amid FTX-Inspired Crypto Probe