Robinhood Crypto announces launch in the European Union

Rick Steves

“The EU has developed one of the world’s most comprehensive policies for crypto asset regulation, which is why we chose the region to anchor Robinhood Crypto’s international expansion plans.”

Robinhood has expanded into the European Union with its Robinhood Crypto app. This app allows EU citizens aged 18 and above to trade in cryptocurrencies. It is unique in offering a monthly Bitcoin reward based on trading volume.

The launch signifies Robinhood’s international growth and introduces a novel approach to crypto trading. Robinhood Crypto supports 25+ cryptocurrencies and claims to be the EU’s lowest-cost crypto trading platform on average.

Robinhood Crypto’s EU launch follows approval of MiCA framework

Johann Kerbrat, GM of Robinhood Crypto, said the launch in the European Union comes on the heels of its new framework for crypto asset regulation, MiCA.

“We believe crypto is the financial framework for tomorrow and that it plays a significant role in our mission to democratize finance for all. For this reason, we’re thrilled to expand crypto trading to customers throughout the EU, enabling them to buy and sell their favorite tokens safely and securely. The EU has developed one of the world’s most comprehensive policies for crypto asset regulation, which is why we chose the region to anchor Robinhood Crypto’s international expansion plans.”

The MiCA framework aims to ensure that crypto transfers, as is the case with any other financial operation, can always be traced and suspicious transactions blocked. The so-called “travel rule”, already used in traditional finance, will in the future cover transfers of crypto assets. Information on the source of the asset and its beneficiary will have to “travel” with the transaction and be stored on both sides of the transfer.

It will also cover transactions above €1000 from so-called self-hosted wallets (a crypto-asset wallet address of a private user) when they interact with hosted wallets managed by crypto-assets service providers. The rules do not apply to person-to-person transfers conducted without a provider or among providers acting on their own behalf.

The new framework will support market integrity and financial stability by regulating public offers of crypto-assets. The text includes measures against market manipulation and to prevent money laundering, terrorist financing, and other criminal activities. To counter money-laundering risks the European Securities and Markets Authority (ESMA) should set up a public register for non-compliant crypto assets service providers that operate in the European Union without authorization.

Crypto held in cold storage, insurance against hacking

Customers using Robinhood Crypto can earn Bitcoin rewards based on their monthly trading volume. This innovative rebate system is designed to provide value back to users, enhancing the appeal of the platform.

The app also promises transparency in pricing, displaying the spread and ensuring no hidden fees. For a limited time, new sign-ups and referrals can earn up to 1 BTC, adding an incentive for early adopters.

Robinhood highlighted its security in the crypto trading platform. Measures include coin management protocols, 24/7 email support, and industry-leading security practices. Nearly all customer coins are held in cold storage, and Robinhood carries crime insurance against theft and cybersecurity breaches.

EU’s Robinhood headquartered in Lithuania

Eligibility for Robinhood Crypto requires EU citizenship and being 18 years or older. The app’s availability across iOS and Android platforms marks a significant step in making crypto trading more accessible in the EU.

Robinhood’s conservative approach to digital asset support contrasts with competitors listing hundreds of tokens. This approach includes educational initiatives and safeguards for customers.

The company’s crypto services in the EU are provided through Robinhood Europe, UAB, complying with Lithuanian regulatory requirements for virtual currency exchange and depository wallet operators.

Robinhood’s expansion into the EU with its crypto trading app reflects its broader aim of making financial services more accessible globally. The combination of low costs, Bitcoin rewards, and a focus on safety and transparency positions Robinhood Crypto as a significant player in the EU’s burgeoning cryptocurrency market.

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