Robinhood Expands to Europe with New ‘Crypto Transfers’ Feature

Robinhood, a popular U.S.-based trading app, is expanding its cryptocurrency services in Europe, now allowing users to deposit and withdraw crypto using external platforms.

As of October 1, Robinhood’s crypto division, Robinhood Crypto, has officially rolled out this feature for European customers.

The update enables users in Europe to transfer about 20 different cryptocurrencies, including Bitcoin and Ethereum, between Robinhood and external services like other crypto exchanges or wallets.

Robinhood debuted crypto services in Europe in late 2023, and this latest enhancement follows nearly a year of offering crypto trading in the region since launching in December 2023.

Robinhood’s push into the European market comes amid increased regulatory scrutiny in the United States. In June 2023, the company had to suspend several crypto trading pairs in its home country.

Previously, European users of Robinhood were limited to simply buying and selling cryptocurrencies on the platform. They couldn’t transfer assets from other exchanges like Binance to Robinhood for trading, nor could they send their assets to external wallets for personal storage or decentralized finance (DeFi) activities.

Robinhood moves to simplify self-custody and DeFi entrance with the introduction of this new feature, allowing users to move their crypto in and out of the Robinhood platform.

Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, emphasized the company’s commitment to offering more flexibility, stating that the ability to deposit and withdraw gives customers better control over their crypto while maintaining the same low-cost, safe, and reliable experience they expect from Robinhood.

Robinhood requires identity verification for crypto transfers, meaning users must complete an identity check and activate two-factor authentication before utilizing the crypto transfer feature.

Robinhood notes that after completing the required steps, there could be a review period of up to five business days before crypto transfers are enabled.

Crypto services in Europe are provided through Robinhood Europe, registered as “RHEC” in Lithuania. The platform adheres to Lithuania’s regulations as a virtual currency exchange and wallet operator, supervised by the Lithuanian Financial Crime Investigation Service.

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