Robinhood is offering crypto remittances to European customers due to regulatory pressure in the US.
According to a press release on Tuesday (October 1), the service is “one of the most requested features in the region” and will allow customers to deposit and withdraw more than 20 cryptocurrencies, including Bitcoin, Ethereum and USD Coin. It is said that money becomes possible.
“With the launch of crypto remittances in Europe, we are making self-custody and entry into DeFi simpler and more accessible for our customers,” Johan Kerblatt, vice president and general manager of Robinhood Crypto, said in a release. “I am doing so,” he said. “Support for deposits and withdrawals gives customers more control over their cryptocurrencies while ensuring they get the same secure, low-cost, and reliable experience they have come to expect from Robinhood.”
According to the release, Robinhood Crypto is also offering customers in Europe a 1% match on all crypto deposits for a limited time, paid in the same crypto currency deposited and for customers 1 A cap of 10,000 euros (approximately $11,000) per person applies.
Robinhood Crypto began offering crypto services in Europe late last year as part of a broader expansion of its digital asset business.
Tuesday’s announcement follows reports last week about Robinhood and Britain’s FinTech Revolut potentially collaborating to issue a stablecoin. Both companies declined to confirm the reports.
Robinhood’s U.S. cryptocurrency business has attracted the attention of the Securities and Exchange Commission (SEC), which issued a wells notice to the company in May.
Robinhood’s Dan Gallagher said, “We strongly believe that the assets listed on our platform are not securities, and to make clear just how weak the case against Robinhood Crypto is on both fact and law. We look forward to working with the SEC.” Chief Legal, Compliance and Corporate Affairs Officer said earlier this year:
Meanwhile, the company’s latest venture comes amid changes in Europe’s regulatory environment following the adoption of the European Union’s Markets in Cryptoassets Act (MiCA).
“The concept of witnessing major international legislation incorporating stablecoins into the financial system of the world’s third-largest economy was unimaginable just a decade ago,” PYMNTS wrote in July. Ta. “What this means, at least in Europe, is that there will be no more shortcuts or regulatory corners for crypto and Web3 companies.”
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