365Crypto
Robinhood, the popular U.S. trading app, has just rolled out a new feature for its European users, allowing them to move their crypto in and out of the platform. This means customers in Europe can now send and receive cryptocurrency using external wallets and exchanges, like Binance.
A Year in the Making
Robinhood Crypto, the company’s crypto subsidiary, officially launched this feature on October 1, giving users the ability to deposit and withdraw around 20 different cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). This update comes almost a year after Robinhood first introduced crypto trading services to Europe back in December 2023.
Before this, European customers could only buy and sell cryptocurrencies directly on Robinhood. They couldn’t transfer their assets from external exchanges or move them out to other wallets. Now, this new feature opens up more options for managing their digital assets.
Making Self-Custody and DeFi Easier
According to Johann Kerbrat, Vice President and General Manager at Robinhood Crypto, the goal is to make it easier for people to take control of their crypto holdings. “This update allows customers to have more freedom with their crypto while still getting the same secure, low-cost, and reliable service they expect from Robinhood,” he explained.
This move is part of Robinhood’s broader effort to make self-custody and decentralized finance (DeFi) more accessible to its users.
Security First: Identity Verification Required
To use the new crypto transfer feature, Robinhood users in Europe must verify their identity and enable two-factor authentication on their accounts. The company notes that this process can take up to five business days for approval.
Robinhood’s European Crypto Services
Robinhood offers its crypto services to eligible European customers through an account with Robinhood Europe, also known as RHEC, which is registered in Lithuania. According to the company, RHEC is regulated as a “virtual currency exchange and virtual currency depository wallet operator” and is supervised by Lithuania’s Financial Crime Investigation Service.
Robinhood hasn’t yet specified which European countries are eligible for this new feature.
