These Three Major Coins Now Available for Robinhood’s New York Users

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As a seasoned analyst with over two decades of experience in the financial industry, I’ve witnessed the evolution of digital assets from a distant curiosity to a mainstream investment class. The recent move by Robinhood to expand its cryptocurrency offerings in New York, a state notoriously known for its strict regulatory environment, is a testament to the maturing crypto market.

The commission-free trading platform, Robinhood, has disclosed that New York residents are now able to trade Tezos (XTZ), Stellar (XLM), and Uniswap (UNI).

According to U.Today’s report, Robinhood expanded its crypto offerings for New York residents in April, including Shiba Inu (SHIB), Compound (COMP), and Avalanche (AVAX).

Furthermore, Robinhood has stated that they are at present waiting for regulatory approval to facilitate cryptocurrency transfers in specific regions.

New York is recognized for having a strict regulatory system regarding cryptocurrencies, which makes it appear as one of the least favorable states towards crypto in the U.S. To operate in the cryptocurrency industry within the state, businesses need what’s called a “BitLicense.” As a result, many cryptocurrency companies often restrict access to customers from New York due to this licensing requirement.

In 2019, Robinhood secured the BitLicense, allowing New York residents to engage in trading not only Bitcoin but also significant altcoins without any extra fees, a service they introduced for cryptocurrency trading that same year.

Over the last two years, Robinhood has been broadening the range of cryptocurrencies it offers. As an example, their app began supporting Stellar Lumens (XLM) as far back as August 2022. In the same month, this widely-used investment platform was hit with a $30 million fine from the New York State Department of Financial Services (NYSDFS), due to their noncompliance with cybersecurity and anti-money laundering standards. It’s worth noting that this was the initial crypto enforcement action taken by the financial regulator.

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2024-09-24 18:23