Popular cryptocurrency-friendly brokerage platform Robinhood has announced that Shiba Inu (SHIB), the second-biggest meme cryptocurrency, is now available to New York State residents.
In addition, Avalanche (AVAX) and Compound (COMP) are also supported in the state.
As reported by U.Today, SHIB was originally listed on Robinhood alongside COMP back in April 2022. AVAX was added to the popular brokerage platform back in May.
New York, the biggest financial center in the world, has long been known for its strict crypto rules. In 2015, it introduced its Bitlicense program, which prohibits digital currency companies from conducting activities in the state without obtaining a much-coveted license. Very few companies have actually managed to obtain BitLicenses.
Critics argue that such a harsh approach has stifled innovation in New York given that many companies cannot operate in the state. Earlier this year, the office of New York State Comptroller Thomas DiNapoli questioned the efficiency of the controversial Bitlicense regime.
Yuri MolchanLast year, the state made its harsh approach to crypto even harsher with new coin listing policies. Notably, XRP and Litecoin were among the cryptocurrencies that were excluded from the list greenlit by the New York State Department of Financial Services.
Robinhood, which made its initial foray into the crypto industry in early 2019, managed to obtain its BitLicense in January 2019.
In 2022, Robinhood's cryptocurrency division faced a $30 million fine for allegedly failing to comply with cybersecurity and money laundering rules.
Godfrey Benjamin
Dan Burgin
U.Today Editorial Team
Vladislav Sopov