Key Takeaways:
- Robinhood expands to Hawaii, Puerto Rico, and the U.S. Virgin Islands following Hawaii’s removal of the money transmitter license requirement for crypto services.
- Robinhood plans to use Bitstamp’s regulatory licenses to offer crypto futures trading in the U.S. and Europe after agreeing to purchase Bitstamp for $200 million, with the deal closing in 2025.
- Robinhood, known for its commission-free trading, faced controversy over restricted trades during the 2021 meme stock frenzy and is nearing a settlement with affected investors.
Robinhood has expanded its services to Hawaii, Puerto Rico, and the U.S. Virgin Islands after Hawaii’s Department of Commerce and Consumer Affairs (DCCA) removed the requirement for cryptocurrency services to hold a money transmitter license.
This regulatory change, effective June 28, represents a significant win for the crypto industry in one of the most strictly regulated states.
Crypto trading on Robinhood is now available in Hawaii, Puerto Rico, and the US Virgin Islands 🔥 pic.twitter.com/rpO4WDoLK3
— Robinhood (@RobinhoodApp) July 2, 2024
Robinhood is also exploring using Bitstamp’s regulatory licenses to offer crypto futures trading in the U.S. and Europe.
The company agreed to purchase Bitstamp for $200 million in June, with the deal expected to close in 2025.
Known for its commission-free trading and simple interface, Robinhood has faced controversy, notably for restricting trades during the 2021 meme stock frenzy.
Investors accused the platform of causing significant losses.
In May, Robinhood announced it was nearing a settlement with these investors, though details were not disclosed.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
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