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Embarking on a global journey, Robinhood, the pioneer consumer trading and investment app for the younger generation, has officially unfurled its crypto app to all eligible users within the European Union. This major move comes hot on the heels of the platform's recent introduction into the U.K., signaling Robinhood's enthusiastic thrust into international waters.
While making crypto trading accessible to EU customers, Robinhood is initially rolling out its brokerage service exclusively in the U.K. The decision aligns with the EU's proactive stance on crypto regulations, particularly in areas like anti-money laundering and shielding retailers from market volatility. Notably, the Markets in Crypto-Assets (MiCA) rule takes center stage, offering a comprehensive framework for crypto asset regulation.
Johann Kerbrat, General Manager of Robinhood Crypto, emphasized the EU's robust regulatory policies, stating, "The EU has developed one of the world’s most comprehensive policies for crypto asset regulation, which is why we chose the region to anchor Robinhood Crypto’s international expansion plans."
In addition to promoting low fees, Robinhood is carving a unique path by positioning itself as the sole custodial crypto platform, providing users a percentage of their trading volume back each month, paid in Bitcoin. Offering access to a diverse range of 25 cryptocurrencies, including major players like Bitcoin and Ethereum, the platform aims to stand out in a competitive market.
Given Robinhood's past encounters with regulatory challenges in the U.S., particularly with the Securities and Exchange Commission (SEC), the platform is making earnest efforts to instill trust among European users. In the U.S., Robinhood faced criticism and paid a settlement fee of $65 million for SEC charges related to misleading practices.
In its European crypto venture, Robinhood pledges transparency, displaying the trading spread and ensuring that customer coins are never commingled with business funds, except for essential operational purposes. Addressing growing concerns about centralized, custodial platforms following FTX’s collapse, Robinhood is positioning itself as a reliable and transparent option.
Launching on both iOS and Android platforms, the Robinhood Crypto app is exclusively available to European citizens aged 18 and above. Looking ahead, the platform has ambitious plans, including the addition of more tokens and the introduction of new features such as crypto transfers, staking, and learning rewards, slated for 2024. As Robinhood extends its global reach, users can anticipate a seamless and secure crypto trading experience.
Robinhood's foray into the EU not only signifies its commitment to international expansion but also highlights the evolving landscape of crypto adoption on a global scale. Stay tuned for the unfolding chapters of Robinhood's crypto venture, as it charts new territories and shapes the future of digital asset trading.
