The well-known trading app Robinhood has taken an important step on the European market. Starting October 1, Robinhood Crypto customers can now deposit and withdraw crypto via external platforms, such as other exchanges and wallets.
Previously, users could only buy and sell crypto on the Robinhood platform itself. With this new feature, users can now easily transfer their crypto assets such as Bitcoin (BTC) and Ethereum (ETH) to or from other platforms.
Nice step for Robinhood
Robinhood has been offering crypto trading in Europe since December 2023, but until now the options have been limited. European customers did not have access to the broader crypto world outside of the Robinhood ecosystem. For example, it was not possible to send crypto from Binance to Robinhood, or move crypto from Robinhood to an external wallet. The new expansion changes that.
Johann Kerbrat, vice president of Robinhood Crypto, emphasizes that the company is responding to the growing demand for self-management among crypto users.
“Support for deposits and withdrawals gives customers more control over their crypto, while ensuring they have the same secure, reliable and low-cost experience they have come to expect from Robinhood.”
To use the new features, customers must first verify their identity and activate two-factor authentication. Robinhood thus complies with European rules regarding crypto transactions. After these steps, it may take up to five business days for users to access the new features.
Robinhood is positioning itself in Europe
Robinhood offers its crypto services through Robinhood Europe, registered in Lithuania. This registration, under the name “RHEC”, follows the Lithuanian rules for virtual currency exchanges and wallet operators. The supervisory authority in Lithuania monitors the activities to ensure that everything complies with applicable legislation. However, it remains unclear exactly in which European countries the new functionality will be available.
The European MiCa crypto law will come into effect at the end of this year. This legislative framework gives crypto companies clear rules that they must adhere to in order to offer services in Europe. In the run-up to the launch of the MiCa law, several parties, including Robinhood, are starting to position themselves in the European crypto market.
Source: https://newsbit.nl/robinhood-lanceert-nieuwe-crypto-functie-voor-europese-gebruikers/
