US trading app Robinhood is broadening its European cryptocurrency services. Starting Oct. 1, customers can now deposit and withdraw cryptocurrency using external platforms. This new feature comes from Robinhood’s crypto division, Robinhood Crypto, making it easier for European users to manage their digital assets.
European users can now quickly deposit and withdraw around 20 cryptocurrencies, including Bitcoin and Ethereum, through various platforms like crypto exchanges or wallets. The feature marks a significant update for Robinhood Crypto following the launch of its crypto trading services in Europe back in Dec. 2023.
Robinhood’s efforts to establish a presence in Europe coincided with growing regulatory challenges back home. In June. 2023, the company had to stop supporting several cryptocurrency trading pairs in the U.S.
Robinhood new feature in Europe
Although the trading app introduced crypto trading in Europe nearly a year ago, customers were initially limited to just buying and selling cryptocurrencies on the platform. For example, European users faced restrictions when sending their crypto assets from Binance or other exchanges to trade on Robinhood. They could also not transfer their crypto from Robinhood to external wallets for storage or trading.
Robinhood has just rolled out a new feature for its users in Europe, allowing them to send and receive cryptocurrency within the app. Robinhood Crypto’s vice president and general manager, Johann Kerbrat, explained that this step is part of the company’s efforts to enhance access to self-custody and decentralized finance (DeFi) in the region. Additionally, he emphasized the importance of empowering users with greater control over their assets.
Support for deposits and withdrawals gives customers more control over their crypto while ensuring they have the same safe, low-cost, and reliable experience they expect from Robinhood.
Furthermore, verify your identity and set up two-factor authentication on your account to use Robinhood’s crypto transfer feature. Once you’ve done that, Robinhood says it may take up to five business days to review your information and activate crypto transfers. Robinhood noted that its European crypto services are available to eligible customers through an account with Robinhood Europe, registered as “RHEC” in Lithuania.
