SoFi added a detailed Crypto Referral Program section to its Terms of Service on June 18, 2026, establishing the operational rules for earning referral bonuses tied to cryptocurrency account sign-ups. The new language specifies that both referrers and referred members must complete defined activities, including opening SoFi Crypto accounts and making qualifying purchases, to receive $25 cash bonuses credited within 7 business days. The terms also establish restrictions, including a $10,000 annual cumulative bonus cap across all SoFi referral programs, tax reporting as miscellaneous income on Form 1099-MISC, and SoFi's right to disqualify participants for fraud, abuse, or program gaming without notice.
The updated terms introduce a new optional referral program for SoFi Crypto accounts, establishing the mechanics for earning $25 bonuses if specific actions are completed. The terms state that referrers must hold both a SoFi Checking and Savings account and a SoFi Crypto account, and referred members must open both account types and make a qualifying purchase of at least $50 in supported digital assets within 30 days. The terms specify that referral bonuses are reported to the IRS as miscellaneous income on Form 1099-MISC and are subject to a $10,000 cumulative annual cap across all SoFi referral programs. Participation is entirely voluntary, and SoFi reserves the right to disqualify participants for fraud, abuse, or program gaming without notice.
→ Review the promotion period dates (February 4, 2026 through December 31, 2026) and program eligibility requirements before participating.
→ Ensure qualifying crypto purchases are funded directly from your SoFi Checking and Savings account as required.
→ Plan for tax reporting of bonus income on Form 1099-MISC.
Establishes $25 one-time cash bonus for both referrers and referred members upon completion of defined activities, credited within 7 business days.
Limits cumulative referral and welcome bonuses across all SoFi programs to $10,000 per calendar year per individual.
Specifies that bonuses are reported to the IRS as miscellaneous income on Form 1099-MISC or Form 1042-S if applicable.
This change record describes what was added, removed, or modified in the document. Analysis reflects what the updated agreement states or permits. It does not constitute a legal determination about enforceability. Applicability may vary by jurisdiction. Methodology
SoFi added promotional terms for a Crypto Referral Program effective February 4 through December 31, 2026. The addition is administrative rather than substantive to the broader Terms of Service, establishing eligibility, bonus structure, and tax …
Regulatory exposure, obligation change, escalation trigger, board-ready language, and recommended action for legal and compliance teams.
Unlock the full institutional analysis — InsightConductAtlas provides verified policy intelligence sourced directly from platform documents. All analysis is intended to support, not replace, legal and compliance review. Record CA-C-003059.
SoFi updated its referral promotion terms in an update detected on August 5, 2026. The promotion period shifted from June …
SoFi revised the terms of its referral promotion program in an update detected on August 5, 2026. The promotion period …
SoFi revised its SoFi Plus Savings account interest structure, effective August 3, 2026. Previously, the terms stated that a 3.10% …
Get the research letter
Companies change their terms quietly. We read every version and catch what actually changed. One email a week on the changes that matter and what they mean.
Get alerted when this policy changes again, including what changed and why it matters.