Robinhood Enables Crypto Transfers in Europe

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Hassan Shittu

Journalist

Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…

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Robinhood has expanded its crypto services in Europe, allowing customers to transfer (deposit and withdraw) digital assets from its platform.

This move set to offer self-custody of over 20 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), arrives as the European Union’s Markets in Crypto-Assets (MiCA) regulation is set to provide a harmonized framework for the growing digital asset market across the bloc.

Robinhood Introduces Crypto Transfers: What Is Europe Up To?

Robinhood’s decision to allow cryptocurrency transfers for European customers comes after high demand from users seeking more flexibility in managing their digital assets.

Until now, Robinhood’s European crypto services were limited to trading.

With this update, customers can now deposit and withdraw their digital currencies, providing them with the option to self-custody their assets in wallets they control.

Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, highlighted the significance of this new feature, stating,

“With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers.”

This feature supports over 20 major digital currencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC), giving users greater control over their holdings.

To incentivize adoption, Robinhood is offering a limited-time promotion that rewards users with 1% of the value of any crypto they deposit on the platform, paid out in the same cryptocurrency.

This offer aims to attract new users while giving existing customers an added benefit for utilizing the new deposit and withdrawal functionality.

Robinhood’s move aligns with the EU’s upcoming regulatory framework, MiCA, which is set to provide uniform rules for crypto assets across all 27 EU member states.

Kerbrat expressed optimism about the European market, noting that the MiCA regulation could make the EU an attractive market for digital assets, comparable to the U.S.

Kerbrat said, adding that Robinhood views Europe as a key growth opportunity

“In terms of total addressable market, [the EU] is as big as the U.S.,”

With trading volumes nearing $10 billion per month on centralized exchanges, the region offers significant potential for Robinhood’s continued expansion.

Robinhood’s Growth Amid Regulatory Challenges

Robinhood’s launch of cryptocurrency transfers in Europe comes as the region ramps up regulatory scrutiny.

The MiCA regulation, approved last year, focuses on areas such as stablecoin issuance, anti-money laundering measures, and consumer protection.

This clear regulatory framework is expected to provide much-needed certainty for crypto companies operating in the EU.

Kerbrat emphasized that Robinhood has engaged extensively with regulators to ensure compliance, stating;

“We are a large company, and we’re used to dealing with regulators. From the beginning, we went to the regulator, we had engagement with them and discussions with them.”

Despite the regulatory challenges, Robinhood has continued to expand its crypto services globally.

In June, the company announced a $200 million deal to acquire Bitstamp, a Luxembourg-based cryptocurrency platform.

Bitstamp holds over 50 licenses globally, including in the U.K., Singapore, and the EU, providing Robinhood with the necessary regulatory approvals to expand its services beyond Europe.

Notably, a recent report also indicates that Robinhood Markets and Revolut are reportedly exploring the possibility of entering the $173 billion stablecoin market, although neither company has confirmed these plans.

According to sources, both firms are considering launching their stablecoins but may still decide against it.

Amid all these, the California Department of Justice recently reached a $3.9 million settlement with Robinhood over issues related to cryptocurrency withdrawals between 2018 and 2022.



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