Robinhood Gets Approval in New York for a Trading License

03:44 01/25/2019

Robinhood, a U.S.-based financial services company headquartered in Menlo Park, California, announced on Thursday that New York had approved the company to trade in seven cryptocurrencies. In a press release, the company stated: "Today, Robinhood Crypto received a virtual currency license, also known as the BitLicense, and a money transmitter license in New York. This will allow New Yorkers to invest in cryptocurrencies on the Robinhood platform, and marks another important step towards our mission of democratizing the financial system. With Robinhood Crypto, you can invest in seven cryptocurrencies including Bitcoin and Ethereum, commission-free. Robinhood Crypto is already available in over thirty states and will roll out in New York over the coming months." The company further stated, "As we introduce new financial products, we’re committed to partnering with regulators to ensure compliance with industry requirements. Today’s announcement is evidence of this commitment. We’re excited to bring commission-free cryptocurrency trading to New York, and look forward to coming to more states soon." The commission-free company will now be allowed to trade bitcoin, ether, bitcoin cash, litecoin, and others on its online platform. It has been nearly year since the California-based company said it plans to launch the commission-free cryptocurrency trading platform. The company's crypto platform is currently available in over 30 states. Robinhood was awarded one of 16 licenses that the DFS has so far given in the virtual currency marketplace. The DFS stated, "DFS continues to rapidly and responsibly respond to financial services market innovations by licensing technology-based money transmitters under New York’s money transmitter law; online lenders under New York’s banking law; and virtual currency exchanges under New York’s financial services law. To date, DFS has approved sixteen charters or licenses for companies in the virtual currency marketplace." Robinhood co-CEO Vlad Tenev stated, "The NYDFS has been very helpful throughout this process, and we look forward to their ongoing guidance as we prepare to launch Robinhood Crypto in New York."0

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