Robinhood App Launches In New York; Zero-Fee Crypto Trading On BTC, BCH, BSV, ETH, ETC, DOGE, And LTC
Zero-Fee Crypto Trading App By Robinhood Crypto Launches In New York
- Robinhood Crypto has been approved for a BitLicense for operation in New York.
- The trading platform is now available in 39 out of 50 states in the US.
Robinhood Crypto is known for its opportunities that are free of fees when it comes to trading. The platform centers around being like the man it is named for, making the crypto industry accessible to investors of all financial backgrounds. According to a blog post by the company on May 23rd, the platform has officially been cleared to operate in New York. The Block reports that customers were notified of this progress via email.
The New York State Department of Financial Services (DFS) provided the trading app with a BitLicense in January of this year, which is a requirement for any platform that operates in the state. Recently, the DFS approved Tagomi Trading for a BitLicense for their institutional-grade crypto trading platform. Bloomberg reported on April 18th that an anonymous source claimed that ICE was considering the acquisition of a BitLicense as well, aiming to launch Bitcoin futures.
While regulators in the US have been satisfied with New York’s policies, the requirement of a license for operation has upset some people in the crypto community, like Erik Voorhees. Voorhees, the CEO of Shapeshift, complained about the policies in 2018, commenting,
“Here we are two miles from the Statue of Liberty, and you cannot sell CryptoKitties in the state without that license. That’s the absurdity of what’s happened here.”
Robinhood’s addition allows citizens of New York to trade with seven major cryptocurrencies, but without being charged a commission fee like some other platforms. New York is the 39th state to approve Robinhood Crypto’s operation, following California, Washington, Florida, and others.
On the trading app, users have access to the following crypto assets for trading:
- Bitcoin Cash
- Bitcoin SV
- Ethereum Classic
According to the blog, users that trade on the app will also be able to track price changes in the market, viewing updates on the above-mentioned cryptocurrencies and 10 additional coins. Trading is available 24 hours a day, 7 days a week.
In April this year, Robinhood hoped to provide traditional banking services and products to their customers, as they filed an application for a bank charter within the United States.