US trading app Robinhood launches ‘crypto transfers’ in Europe

United States’ trading app Robinhood is expanding cryptocurrency services in Europe by allowing customers to deposit and withdraw crypto using external platforms.

Robinhood Markets’ crypto subsidiary, Robinhood Crypto, officially  launched crypto transfers for customers in Europe on Oct. 1.

Source: Robinhood Crypto EU

The newly rolled out feature on Robinhood allows European users to deposit and withdraw around 20 cryptocurrencies like Bitcoin ( BTC ) or Ether ( ETH ) using other platforms like a crypto exchange or a wallet.

Robinhood debuted crypto services in Europe in late 2023

Robinhood Crypto’s latest developments in Europe have come almost a year since Robinhood debuted crypto trading services in the region in December 2023.

The company’s push for a European presence came amid increasing regulatory pressure in its home jurisdiction. In June 2023, Robinhood was forced to cease support for several crypto trading pairs in the US.

While Robinhood launched crypto trading in Europe almost a year ago, its local customers could only buy and sell cryptocurrencies on the platform.

For example, European users could not send their crypto assets from Binance or any other exchange and trade them on Robinhood. They could also not send their crypto assets on Robinhood to external wallets for storage or trading.

Robinhood moves to simplify self-custody and DeFi entrance

With the latest addition to Robinhood’s platform in Europe, users can send their crypto in and out of the Robinhood app.

According to Robinhood Crypto’s vice president and general manager, Johann Kerbrat, the company’s latest moves in Europe aim to improve access to self-custody and decentralized finance (DeFi ). He stated:

“Support for deposits and withdrawals gives customers more control over their crypto, while ensuring they have the same safe, low-cost, and reliable experience they expect from Robinhood.”

Robinhood requires identity verification for crypto transfers

To use Robinhood’s crypto transfer feature, users must verify their identity and enable two-factor authentication on their account.

“After you complete those steps, it can take up to 5 business days to review your info and enable crypto transfers with Robinhood Crypto,” the firm states on its website:

An excerpt from the Robinhood Crypto Europe page. Source: Robinhood

Robinhood also mentioned that its crypto services in Europe are offered to eligible customers through an account with Robinhood Europe, registered as “RHEC” in the Republic of Lithuania.

Related: MiCA threatens crypto firm exodus to Middle East: Regulatory expert

The company previously noted that RHEC is registered according to Lithuania’s regulatory requirements as a “virtual currency exchange and virtual currency depository wallet operator.”

“RHEC is supervised by the Lithuanian Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania,” the company noted.

Cointelegraph approached Robinhood for a comment regarding the list of European countries eligible for the new crypto transfer option but did not receive a response at the time of publication.

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