SoFi Accepts XRP Deposits but Blocks External Withdrawals

SoFi Crypto added support for XRP deposits on Tuesday, but a notice on the company's support page says customers cannot transfer XRP to external wallets. The platform accepts deposits and allows trading, but withdrawals to self-custody addresses and other services are blocked.

The restriction means users can buy and hold XRP on SoFi but cannot move the tokens off the platform. SoFi did not provide a timeline for when external withdrawals might be enabled and did not immediately respond to a request for comment.

Some customers criticized the limitation on social media. Dan Thurman posted to X: “XRP withdrawals aren't allowed by SoFi. It's basically only a spot ETF.” Ripple, a primary contributor to the XRP Ledger, posted: “More access to XRP with SoFi means more people can participate, and that's exactly how utility grows.”

SoFi has expanded its crypto services in recent months. In November the company announced it had become the first nationally chartered bank to offer crypto trading. The firm reported its first billion-dollar revenue quarter in the fourth quarter of last year and last month announced a partnership with Mastercard to use its SoFiUSD stablecoin to settle card payments on Mastercard's network.

XRP is among the largest digital assets, with a market value near $100 billion. With deposits enabled but external withdrawals blocked, customers can gain exposure to XRP price movements while custody remains with SoFi.

The support-page notice does not indicate whether wallet transfers will be added later. Until SoFi updates its policy, customers who want to move XRP off the platform will need to use other exchanges or services that permit external withdrawals.