Robinhood, a well-known online brokerage that supports cryptocurrencies, has declared that New York State residents can now trade Shiba Inu (SHIB), the second most popular meme digital currency, on their platform.
In addition, Avalanche (AVAX) and Compound (COMP) are also supported in the state.
According to U.Today’s report, SHIB and COMP were first made available on Robinhood around April 2022. Later in May, AVAX joined them on the user-friendly trading platform.
New York, renowned as the global hub for finance, has been notoriously stringent with crypto regulations. Back in 2015, it instituted the Bitlicense program, effectively barring digital currency businesses from operating within its borders sans a highly sought-after permit. Only a handful of companies have succeeded in securing these licenses.
Detractors contend that New York’s strict regulatory stance has hampered innovation due to the difficulty for businesses to function within the state. Recently, the New York State Comptroller Thomas DiNapoli’s office raised concerns about the effectiveness of the contentious Bitlicense regulation.
In the previous year, the state took a more strict stance towards cryptocurrencies by implementing new coin listing regulations. Notably, XRP and Litecoin were two cryptocurrencies that did not make the approved list released by the New York State Department of Financial Services.
Robinhood, having entered the cryptocurrency world for the first time in early 2019, secured its BitLicense in January of that year.
In the year 2022, Robinhood’s crypto unit was hit with a penalty of $30 million for reportedly not adhering to cybersecurity and anti-money laundering regulations.
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2024-04-24 19:34