SoFi, the financial services platform that introduced crypto trading in 2019, is winding down its crypto business, the company announced. New account creation has been disabled and existing users have three weeks to migrate their crypto accounts to Blockchain.com before they are automatically liquidated. 

Migration eligibility is subject to some geographic restrictions: users in some states will have to sell certain unsupported tokens including Avalanche and SushiSwap, while New York State residents are ineligible for the migration altogether. 

SoFi held nearly $140 million in cryptocurrency as of Q3, according to the company's financial statement, mostly in Bitcoin (about $75 million) and Ethereum (about $47 million). 

Heightened scrutiny 

SoFi's exit from crypto …