Robinhood Markets (HOOD.O) initiated cryptocurrency trading for customers within the European Union on Thursday, marking its entrance into a market characterized by stronger regulatory frameworks, a contrast to the intense scrutiny faced by crypto firms in the United States.

EU customers will now have access to trade over 25 cryptocurrencies, including bitcoin and ethereum, without incurring any commissions.

“We’ve chosen the EU due to its development of one of the most comprehensive regulatory frameworks for crypto assets globally,” stated Robinhood, highlighting the region as the foundation for Robinhood Crypto’s international growth strategy.

In May, the EU unveiled pioneering regulations governing crypto assets, positioning the region as a promising frontier for industry expansion, a sentiment echoed by industry leaders.

Conversely, the U.S. Securities and Exchange Commission’s crackdown on crypto firms such as Coinbase Global (COIN.O) and Binance has been ongoing, despite losing a prominent case against Grayscale.

Robinhood’s move into the EU aligns with a resurgence in investor interest in digital assets, bolstered by optimism surrounding the imminent approval of a spot bitcoin exchange-traded fund, propelling bitcoin’s price to its highest levels since early last year.

To establish a foothold in this market, the California-based company is offering EU customers up to one bitcoin upon sign-up and an additional one for every successful referral.

Addressing a common concern among crypto investors regarding theft, Robinhood has introduced a crime insurance policy underwritten by Lloyd’s [RIC:RIC:SOLYD.UL], covering a portion of assets held across its storage systems.

This EU expansion follows the recent launch of stock trading for UK customers, underscoring Robinhood’s strategic expansion plans. Bloomberg News initially reported on the EU expansion.

LEAVE A REPLY

Please enter your comment!
Please enter your name here