The team at Robinhood informed the crypto and investor communities that they had acquried two licences necessary for their operations in the state of New York. The commission free exchange has received a virtual currency license, also known as the BitLicense, and a money transmitter license in NY. With these two licenses, residents of New York can use the platform to invest in cryptocurrencies as soon as Robinhood completes setting up the service for its users in the state. An exact timeline has not been given but they have promised it will be live in the coming months.
The announcement by Robinhood also explained their dedication in complying with regulatory requirements of every state they wish to operate in.
As we introduce new financial products, we’re committed to partnering with regulators to ensure compliance with industry requirements. Today’s announcement is evidence of this commitment.
We’re excited to bring commission-free cryptocurrency trading to New York, and look forward to coming to more states soon.
Robinhood is currently available in 30 American States with additional plans of expansion across the United States. The platform currently supports trading of the following 7 cryptocurrencies.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin SV (BSV)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
Additional Services by Robinhood
Robinhood currently offer services to users will to invest in stocks, ETFs, options and cryptocurrencies. The website also mentions a future Cash Management service. The trading is commission free and accessible via phone or desktop.
What are your thoughts on Robinhood getting the relevant licenses to operate in New York? Will this usher in other possibilities for the firm? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.