Robinhood Crypto, the subsidiary of the popular trading platform in the US, Robinhood Markets, has announced that its cryptocurrency trading services are now available to ‘eligible’ customers in Europe.
According to the announcement, European users can now deposit and withdraw up to 24 crypto assets, including BTC and ETH, from the Robinhood app into external platforms like crypto wallets and exchanges.
Robinhood Crypto Launches Crypto Transfers In Europe
On Tuesday, October 1, the crypto subsidiary of Robinhood Markets, Robinhood Crypto, announced in an X post that it is expanding its crypto deposit and withdrawal services to customers in Europe.
The X post stated that,
Crypto transfers are now available for 24 assets for all European customers.
This means that European users can now transfer their cryptocurrencies in and out of the Robinhood Crypto platform into external platforms, enabling them to self-custody their crypto assets.
The parent company, Robinhood, also released a statement to that effect, stating that Robinhood Crypto’s customers in Europe who engage the platform to make deposits “will earn a 1% deposit match.” Robinhood, however, added that this is for “a limited time.”
The VP and General Manager of Robinhood Crypto, Johann Kerbrat, revealed that the platform’s expansion into Europe is a way to “make crypto self-custody and entry into decentralized finance (DeFi) simpler and more accessible for our customers.”
This Is Continued Expansion Into The EU
This latest development is part of Robinhood’s continued expansion into Europe. In December last year, Robinhood debuted its cryptocurrency services in Europe.
According to Johann, this expansion “comes barely a year after Robinhood launched its crypto trading services in the EU.” That was when the region was preparing to implement its Markets in Crypto Assets (MiCA) regulatory framework for the cryptocurrency industry.
At the time when Robinhood launched its crypto trading in the EU, customers were only able to buy and trade their digital assets on the trading platform, they could not send crypto assets in or out from external wallets or platforms.
Robinhood considers the EU to be a more favorable region for cryptocurrencies due to its crypto-friendly policies, unlike the US, which has been cracking down on crypto firms for dealing in unregistered securities.
The European move coincides with increasing regulatory scrutiny faced by US-based cryptocurrency exchanges. Just recently, it was reported that the Department of Justice fined Robinhood $3.9M over unpaid crypto assets.
Robinhood Pushes For Overseas Expansion
This recent expansion is part of Robinhood’s broader global expansion strategy. Earlier this year, Robinhood announced its acquisition of Luxembourg-based crypto platform Bitstamp in a $200M deal as a move to enhance its overseas expansion.
While Robinhood has launched its crypto services to European customers, the company is yet to launch its crypto services to UK customers, where it is currently offering only stock trading services.
Robinhood Requires Identity Verification For Crypto Transfers
According to Robinhood’s statement, European users would need to verify their identity and enable 2FA on their account before they can use the crypto transfer feature. The company added that,
After completing the verification processes, it can take about five business days to review your info and enable cryptocurrency transfers with Robinhood Crypto.
