United States trading app Robinhood is expanding cryptocurrency services in Europe by allowing customers to deposit and withdraw crypto using external platforms.
Robinhood Markets’ crypto subsidiary, Robinhood Crypto, launched crypto transfers for customers in Europe on Oct. 1.
Source: Robinhood Crypto EU
The feature allows European users to deposit and withdraw about 20 cryptocurrencies, including Bitcoin (BTC) or Ether (ETH), using other platforms such as a crypto exchange or a wallet.
Robinhood debuted crypto services in Europe in late 2023
Robinhood Crypto’s latest European developments come almost a year since its debut of crypto trading services in the region in December 2023.
The company’s push for a European presence came amid increasing regulatory pressure in its home jurisdiction. In June 2023, Robinhood was forced to cease support for several crypto trading pairs in the US.
When Robinhood launched crypto trading in Europe, its customers could only buy and sell cryptocurrencies on the platform.
For example, European users could not send their crypto assets from Binance or any other exchange and trade them on Robinhood. Nor could they send their crypto assets on Robinhood to external wallets for storage or trading.
Robinhood moves to simplify self-custody and DeFi entrance
With the latest addition to Robinhood’s platform in Europe, users can send their crypto in and out of the Robinhood app.
According to Robinhood Crypto’s vice president and general manager, Johann Kerbrat, the company’s latest moves in Europe aim to improve access to self-custody and decentralized finance (DeFi). He said:
“Support for deposits and withdrawals gives customers more control over their crypto, while ensuring they have the same safe, low-cost, and reliable experience they expect from Robinhood.”
Robinhood requires identity verification for crypto transfers
To use Robinhood’s crypto transfer feature, users must verify their identity and enable two-factor authentication on their account.
“After you complete those steps, it can take up to 5 business days to review your info and enable crypto transfers with Robinhood Crypto,” the firm states on its website:
An excerpt from the Robinhood Crypto Europe page. Source: Robinhood
Robinhood also mentioned that its crypto services in Europe are offered to eligible customers through an account with Robinhood Europe, registered as “RHEC” in the Republic of Lithuania.
Related: MiCA threatens crypto firm exodus to Middle East: Regulatory expert
The company previously said that RHEC is registered according to Lithuania’s regulatory requirements as a “virtual currency exchange and virtual currency depository wallet operator.”
It added: “RHEC is supervised by the Lithuanian Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania.”
Robinhood Crypto’s services are available to customers who reside in European Union member states that support the Single Euro Payments Area (SEPA), a spokesperson for the firm told Cointelegraph.
According to data from the European Payment Council, SEPA covers 36 countries and territories, including 27 European Union member states in addition to the United Kingdom, Iceland, Norway, Liechtenstein, Switzerland and more.
Magazine: CZ walks free, Caroline Ellison receives prison sentence, and more: Hodler’s Digest, Sept. 22 – 28