Robinhood Debuts Crypto Deposits, Withdrawals for European Customers

Robinhood is offering cryptocurrency transfers to European customers amid regulatory pressure in the United States.

The service, “one of the most requested features in the region,” allows customers to deposit and withdraw more than 20 cryptocurrencies, including bitcoin, Ethereum and USD Coin, according to a Tuesday (Oct. 1) press release.

“With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers,” Johann Kerbrat, vice president and general manager of Robinhood Crypto said in the release. “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.”

Robinhood Crypto is also offering European customers a 1% match on all crypto deposits for a limited time, paid out in the same cryptocurrency they deposit and subject to a cap of 10,000 euros (about $11,000) per customer, per the release.

Robinhood Crypto began providing crypto services in Europe late last year as part of a broader expansion of its digital asset business.

Tuesday’s announcement follows a report from last week about a possible collaboration between Robinhood and U.K. FinTech Revolut to issue stablecoins. Both companies declined to confirm the report.

Robinhood’s U.S. crypto business has gotten the attention of the Securities and Exchange Commission (SEC), which issued a Wells Notice to the company in May.

“We firmly believe that the assets listed on our platform are not securities, and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law,” Dan Gallagher, Robinhood’s chief legal, compliance and corporate affairs officer, said earlier this year.

Meanwhile, the company’s latest venture is happening amid a changing regulatory landscape in Europe, following the adoption of the European Union’s Markets in Crypto-Assets Act (MiCA).

“The notion of witnessing major global laws enshrining stablecoins into the financial system of the third-largest economy in the world is something that would have been inconceivable just a short 10 years ago,” PYMNTS wrote in July. “What it also means is that there will be no more shortcuts and regulatory corner-cutting for crypto and Web3 firms — at least not in Europe.”