Robinhood Opens Trading for 7 Cryptocurrencies in New York
Five months after receiving a BitLicense, Robinhood is now offering ethereum and bitcoin trading in New York State.
May 23, 2019 at 3:45 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/TGGIH75K4VAKVO7RDPPCIW2REM.png)
, the popular stock and crypto investing app, has officially launched bitcoin, ethereum, and other cryptocurrency trading in New York.
Silicon Valley-based Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and on Thursday opened access to crypto trading in the Empire State.
From the press release:
New York is unique and problematic for crypto traders because all purveyors must apply for a BitLicense, most notably for companies that are "storing, holding, or maintaining custody or control of virtual currency on behalf of others," according to NYDFS.
Many crypto startups have avoided the requirements entirely by becoming BitLicense refugees and refusing to do business in the state.
"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,” ShapeShift CEO Erik Voorhees complained in 2018 when asked about the controversial license at CoinDesk's Consensus conference in New York.
Image courtesy of Robinhood
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.