- European customers can now deposit and withdraw cryptocurrencies using external wallets and exchanges on Robinhood.
- The feature includes about 20 cryptocurrencies like Bitcoin and Ether, giving users more control over their digital coins.
- To use the service, users must verify their identity and set up two-factor authentication; Robinhood aims to improve access to self-custody and DeFi.
On October 1, Robinhood introduced a new feature that allows European users to deposit and withdraw cryptocurrencies through external platforms. This means customers can now move about 20 different cryptocurrencies, including Bitcoin and Ether, to and from external wallets and exchanges.
Previously, European users could only buy and sell cryptocurrencies within the Robinhood app. They could not send their digital coins to other wallets or bring in coins from platforms like Binance.
Enhancing User Control Over Crypto
With this update, users can move their crypto assets in and out of Robinhood. To access this feature, customers need to verify their identity and set up two-factor authentication. The company states that it may take up to five business days to review the information and enable crypto transfers.
Johann Kerbrat, the vice president and general manager of Robinhood Crypto, mentioned that the new service helps customers have more control over their digital money. He explained that by supporting deposits and withdrawals, users can manage their crypto more freely while still having a safe and low-cost experience with Robinhood.
Services Provided Through Lithuanian Registration
Robinhood’s crypto services in Europe are offered through Robinhood Europe, known as RHEC, which is registered in Lithuania. The company noted that RHEC is recognized as a virtual currency exchange and wallet operator under Lithuanian regulations. The Lithuanian Financial Crime Investigation Service oversees RHEC.
Robinhood began offering crypto trading services in Europe in December 2023. At that time, users could only trade cryptocurrencies within the app and couldn’t transfer them to or from external platforms.
Earlier in 2023, Robinhood faced regulatory challenges in the United States. In June 2023, the company had to stop supporting several cryptocurrency trading pairs in its home country.
The new crypto transfer feature is part of Robinhood’s efforts to make it easier for European customers to manage their digital assets and access services like self-custody and decentralized finance (DeFi).
