Robinhood crypto approved by New York regulators

Robinhood crypto approved by New York regulators

Commission-free cryptocurrency trading platform Robinhood has won over regulators in New York, with commission-free trading to be rolled out within months.

The company won a virtual currency license, known as the BitLicense, and a money transmitter license in New York.

This will allow New Yorkers to invest and trade in cryptocurrencies on the Robinhood platform, and according to the company, marks another important step towards its mission of democratising the financial system.

What is Robinhood crypto?

Robinhood allows customers to invest in seven cryptocurrencies including Bitcoin and Ethereum, without paying a commission.

The platform is already available in over thirty US states and will roll out in New York over the coming months.

“As we introduce new financial products, we’re committed to partnering with regulators to ensure compliance with industry requirements,” the company said on its website.

“(This) 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.”