SoFi Adds XRP Support, but Lack of Withdrawals Draws User Backlash

SoFi Crypto added XRP deposit support to its platform, but the launch drew user criticism because the bank still does not allow crypto withdrawals to external wallets.

According to SoFi’s support page, users can transfer some crypto assets from external wallets into SoFi Crypto, but cannot currently withdraw crypto from SoFi to an external wallet. Likewise, the withdrawal page says users can withdraw funds directly to SoFi Checking or Savings accounts, while non-USDC crypto holdings must be sold before cash proceeds can be moved.

Ideally, XRP users (and any other within the crypto community) would expect on-chain transfer access, not only app-based price exposure. So a deposit-only model lets customers bring tokens into SoFi, but it keeps outbound control inside the bank’s closed platform until external withdrawals are enabled.

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Deposit-Only Friction

SoFi’s transfer-in list, updated Feb. 23, showed 11 cryptocurrencies eligible for deposits before XRP was added, including BTC, ETH, USDC, LINK, SHIB, UNI, AAVE, POL, LDO, FLOKI and SOL. A separate trading list updated Jan. 5 showed 27 cryptocurrencies available to trade, including XRP.

A SoFi spokesperson confirmed external digital-asset withdrawals are coming soon, but until then, users who want to move XRP to self-custody wallets or other exchanges cannot complete that flow directly through SoFi.

SoFi’s crypto fee sheet says the bank charges a flat 1% transaction fee on crypto buy and sell orders. It does not charge a fee to receive crypto deposits, making inbound transfers free even as exit functionality remains limited.

That regulatory footing differentiates SoFi from crypto-native exchanges, but it also raises user expectations. A bank-backed platform may offer familiar account integration and compliance controls, while crypto users still expect basic network functionality such as wallet withdrawals.

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