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United States trading app Robinhood is expanding cryptocurrency services in Europe by allowing customers to deposit and withdraw crypto using external platforms.
Robinhood Markets’ crypto subsidiary, Robinhood Crypto,&nbsp;<a data-ct-non-breakable="null" href="https://www.globenewswire.com/news-release/2024/10/01/2955809/0/en/Robinhood-Crypto-Launches-Crypto-Transfers-in-Europe.html" rel="null" target="null" text="null" title="null">launched</a> crypto transfers for customers in Europe on Oct. 1.
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 <img alt="US trading app Robinhood launches ‘crypto transfers’ in Europe" name="" src="https://s3.cointelegraph.com/uploads/2024-10/0192473a-fc14-731a-b2c2-c8aa723e85c5">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/RobinhoodCrypto/status/1841032813723763011" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/RobinhoodCrypto/status/1841032813723763011">Robinhood Crypto EU</a>
 </figcaption>
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The feature allows European users to deposit and withdraw about 20 cryptocurrencies, including Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) or Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>), using other platforms such as a crypto exchange or a wallet.
<h2 id="robinhood-debuted-crypto-services-in-europe-in-late-2023">Robinhood debuted crypto services in Europe in late 2023</h2>
Robinhood Crypto’s latest European developments come almost a year since Robinhood <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/robinhood-launches-crypto-trading-services-europe" rel="null" target="null" text="null" title="null">debut of crypto trading services in the region</a> in December 2023.
The company’s push for a European presence came amid increasing regulatory pressure in its home jurisdiction. In June 2023, Robinhood was forced to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/robinhood-will-end-support-for-3-tokens-named-in-sec-lawsuits" rel="null" target="null" text="null" title="null">cease support for several crypto trading pairs</a> in the US.
While Robinhood launched crypto trading in Europe almost a year ago, its local customers could only buy and sell cryptocurrencies on the platform.
For example, European users could not send their crypto assets from Binance or any other exchange and trade them on Robinhood. They could also not send their crypto assets on Robinhood to external wallets for storage or trading.
<h2 id="robinhood-moves-to-simplify-self-custody-and-defi-entrance">Robinhood moves to simplify self-custody and DeFi entrance</h2>
With the latest addition to Robinhood’s platform in Europe, users can send their crypto in and out of the Robinhood app.
According to Robinhood Crypto’s vice president and general manager, Johann Kerbrat, the company’s latest moves in Europe aim to improve access to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/how-to-store-crypto-assets-in-a-self-custodial-wallet" rel="null" target="null" text="null" title="null">self-custody</a> and <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/defi-a-comprehensive-guide-to-decentralized-finance" rel="" target="_self" text="null" title=" https://cointelegraph.com/learn/defi-a-comprehensive-guide-to-decentralized-finance">decentralized finance (DeFi</a>). He stated:
<blockquote>
 “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.”
</blockquote>
<h2 id="robinhood-requires-identity-verification-for-crypto-transfers">Robinhood requires identity verification for crypto transfers</h2>
To use Robinhood’s crypto transfer feature, users must verify their identity and enable two-factor authentication on their account.
“After you complete those steps, it can take up to 5 business days to review your info and enable crypto transfers with Robinhood Crypto,” the firm <a data-ct-non-breakable="null" href="https://robinhood.com/eu/en/support/articles/crypto-transfers/" rel="nofollow noopener" target="_blank" text="null" title="https://robinhood.com/eu/en/support/articles/crypto-transfers/">states</a> on its website:
<figure>
 <img alt="US trading app Robinhood launches ‘crypto transfers’ in Europe" name="" src="https://s3.cointelegraph.com/uploads/2024-10/0192473c-1673-7f7d-9bab-bad67bd2fc80">
 <figcaption style="text-align: center;">
 An excerpt from the Robinhood Crypto Europe page. Source: Robinhood
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Robinhood also mentioned that its crypto services in Europe are offered to eligible customers through an account with Robinhood Europe, registered as “RHEC” in the Republic of Lithuania.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mica-crypto-firm-exodus-middle-east-regulatory-expert" rel="null" target="null" text="null" title="null">MiCA threatens crypto firm exodus to Middle East: Regulatory expert</a>
The company previously <a data-ct-non-breakable="null" href="https://newsroom.aboutrobinhood.com/robinhood-launches-crypto-trading-in-the-eu/" rel="nofollow noopener" target="_blank" text="null" title="https://newsroom.aboutrobinhood.com/robinhood-launches-crypto-trading-in-the-eu/">noted</a> that RHEC is registered according to Lithuania’s regulatory requirements as a “virtual currency exchange and virtual currency depository wallet operator.”
“RHEC is supervised by the Lithuanian Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania,” the company noted.
Cointelegraph approached Robinhood for a comment regarding the list of European countries eligible for the new crypto transfer option but did not receive a response at the time of publication.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/binance-cz-prison-caroline-ellison-alameda-research-hodlers-digest/" rel="null" target="null" text="null" title="null">CZ walks free, Caroline Ellison receives prison sentence, and more: Hodler’s Digest, Sept. 22 – 28</a>

US trading app Robinhood launches ‘crypto transfers’ in Europe

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