Robinhood Crypto Accessible for New York Residents

The popular crypto and stock investing application Robinhood has began trading Bitcoin, Ethereum and many other cryptocurrencies in New York. The Silicon Valley-based company received their BitLicense and money transmitter license in January 2019 and started conducting business as of May 23.

As their press release states:

Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.

When Robinhood announced that they are entering the crypto game, the public’s reaction was notable. Over 1 million users signed up within just a couple of days.

This whole fuss is due to the fact that New York regulations are a bit different than regulations in other states. According to NYDFS, all businesses that are “storing, holding, or maintaining custody or control of virtual currency on behalf of others” must apply for a BitLicense. This is why a number of crypto companies avoid doing business in the state.

ShapeShift CEO Erik Voorchees commented on this situation in 2018:

Here we are two miles from the Statue of Liberty and you cannot sell CryptoKitties in the state without that license.

With the addition of New York, Robinhood Crypto is now operating in a total of 39 states.

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