Robinhood receives BitLicense by the state of New York

Robinhood equity token goes live for funding on Swarm

The US-based financial services company, Robinhood, just received the virtual currency license, called BitLicense by the state of New York.

Robinhood is one of the most popular cryptocurrency “exchanges” as it offers commission-free trading – a feature that has attracted many customers and new features to the exchange. Some time ago, Robinhood was rumored to become a top competitor of Coinbase, the largest cryptocurrency exchange in the US.

In addition to the license to trade cryptocurrencies, Robinhood received a money transmission license, also granted by New York state. This means that all citizens of the state will be able to trade through the Robinhood platform.

The more interesting part is that the regulatory body that granted the license is none other by the New York Department of Financial Services or DFS. DFS is known for maintaining extremely strict and selective policy when it comes to granting licenses to financial entities.

One of the co-founders of the $5.6 billion company, Vladimir Tenev, commented on the positive news:

We’re delighted that Robinhood Crypto has been granted a virtual currency license and a money transmitter license in New York. This will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform.

Other fintech companies that already have the BitLicense include: LibertyX, a Bitcoin ATM service providers, Coinsource, a producer of Bitcoin Teller Machines and Genesis Trading and Square, another exchange.

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Robinhood receives BitLicense by the state of New York


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