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

SoFi Crypto added XRP deposit assist to its platform, however the launch drew person criticism as a result of the financial institution nonetheless doesn’t permit crypto withdrawals to exterior wallets.

In response to SoFi’s assist page, customers can switch some crypto property from exterior wallets into SoFi Crypto, however can not presently withdraw crypto from SoFi to an exterior pockets. Likewise, the withdrawal web page says customers can withdraw funds on to SoFi Checking or Financial savings accounts, whereas non-USDC crypto holdings have to be offered earlier than money proceeds could be moved.

XRP withdrawals aren't allowed by SoFi. It's principally solely a spot ETF. Does nothing to assist the XRP ecosystem, it solely acts as a centralized monetary automobile. Technically folks aren't "accessing" XRP through this technique, they solely get a by-product of its worth from a dangerous financial institution.

— Dan Thurman (@MotiveXRP) April 21, 2026

Ideally, XRP customers (and some other inside the crypto group) would expect on-chain switch entry, not solely app-based worth publicity. So a deposit-only mannequin lets prospects convey tokens into SoFi, but it surely retains outbound management contained in the financial institution’s closed platform till exterior withdrawals are enabled.

Extra entry to $XRP with @SoFi means extra folks can take part, and that's precisely how utility grows. https://t.co/IqxZGvM4cJ

— Ripple (@Ripple) April 21, 2026

Associated: Bitcoin Pullback Sparks $260M Liquidations as Geopolitical Tensions Rattle Markets

Deposit-Solely Friction

SoFi’s transfer-in listing, up to date Feb. 23, confirmed 11 cryptocurrencies eligible for deposits earlier than XRP was added, together with BTC, ETH, USDC, LINK, SHIB, UNI, AAVE, POL, LDO, FLOKI and SOL. A separate buying and selling listing up to date Jan. 5 confirmed 27 cryptocurrencies out there to commerce, together with XRP.

A SoFi spokesperson confirmed exterior digital-asset withdrawals are coming quickly, however till then, customers who need to transfer XRP to self-custody wallets or different exchanges can not full that move instantly by means of SoFi.

SoFi’s crypto payment sheet says the financial institution prices a flat 1% transaction payment on crypto purchase and promote orders. It doesn’t cost a payment to obtain crypto deposits, making inbound transfers free at the same time as exit performance stays restricted.

That regulatory footing differentiates SoFi from crypto-native exchanges, but it surely additionally raises person expectations. A bank-backed platform might provide acquainted account integration and compliance controls, whereas crypto customers nonetheless count on fundamental community performance akin to pockets withdrawals.

Learn extra: Warren Challenges SEC Chief as Enforcement Actions Hit Decade Low

The submit SoFi Adds XRP Support, but Lack of Withdrawals Draws User Backlash appeared first on Crypto News Australia.