Commission-free investing app Robinhood has announced that Tezos (XTZ), Stellar (XLM), and Uniswap (UNI) can now be traded by New York residents.
As reported by U.Today, Robinhood also added Shiba Inu (SHIB), Compound (COMP), and Avalanche (AVAX) to the list of cryptocurrencies that are available for New Yorkers in April.
In addition, Robinhood has clarified that it is currently awaiting regulatory approval for enabling crypto transfers in certain states.
New York is particularly known for having a very stringent regulatory regime. Due to this fact, some industry participants view it as one of the most anti-crypto states in the US. Companies that want to engage in cryptocurrency business activities in the state are supposed to obtain the so-called "BitLicense." Due to this requirement, many crypto companies tend to block customers from the state.
Alex DovbnyaRobinhood, which added zero-fee cryptocurrency trading back in 2019, managed to obtain a BitLicense back in 2019. The license made it possible for New York residents to trade Bitcoin as well as several major altcoins.
Over the past two years, Robinhood has been gradually expanding the list of available cryptocurrencies. For instance, the app started supporting XLM back in August 2022. During the same month, the popular investment app was slapped with a $30 million fine by the New York State Department of Financial Services (NYSDFS) over its failure to adhere to cybersecurity and anti-money laundering regulations. Notably, this was the very first crypto enforcement action initiated by the financial regulator.
Tomiwabold Olajide
Denys Serhiichuk
Dan Burgin
Vladislav Sopov
U.Today Editorial Team