Banking Law News

Robinhood Crypto Gets New York’s Regulatory Blessing

Jan. 24, 2019, 5:31 PM

New York’s top financial regulator granted Robinhood licenses to offer commission-free cryptocurrency trading in the Empire State.

The licenses granted by the Department of Financial Services on Jan. 24 allow Robinhood Crypto users in New York to buy, sell or store six cryptocurrencies, including bitcoin, bitcoin cash, litecoin and ether. Robinhood Crypto is already active in 30 states.

“We just received our BitLicense and money transmitter license for NY. Expect us to roll out crypto there over the coming months,” the company said in a tweet.

The millennial-friendly trading app’s parent company allows customers to trade and invest in stocks and options.

DFS also granted its first virtual currency license to a crypto ATM using debit cards, LibertyX.

Bitcoin enthusiasts will be able to purchase bitcoin directly from traditional ATMs using a debit card.

The announcements bring New York’s total number of virtual currency-related licenses or charters up to 16.

To contact the reporter on this story: Lydia Beyoud in Washington at lbeyoud@bloomberglaw.com

To contact the editors responsible for this story: Michael Ferullo at mferullo@bloomberglaw.com; Seth Stern at sstern@bloomberglaw.com

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