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Election 2024

Robinhood Opens Trading for 7 Cryptocurrencies in New York

Five months after receiving a BitLicense, Robinhood is now offering ethereum and bitcoin trading in New York State.

By John Biggs
AccessTimeIconMay 23, 2019 at 3:45 p.m. UTC
Updated Aug 18, 2021 at 11:27 p.m. UTC
Presented By Icon

Election 2024 coverage presented by

Stand with crypto
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Robinhood

, the popular stock and crypto investing app, has officially launched bitcoin, ethereum, and other cryptocurrency trading in New York.

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    • Silicon Valley-based Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and on Thursday opened access to crypto trading in the Empire State.

    From the press release:

    Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.

    New York is unique and problematic for crypto traders because all purveyors must apply for a BitLicense, most notably for companies that are "storing, holding, or maintaining custody or control of virtual currency on behalf of others," according to NYDFS.

    Many crypto startups have avoided the requirements entirely by becoming BitLicense refugees and refusing to do business in the state.

    "Here we are two miles from the Statue of Liberty and you cannot sell CryptoKitties in the state without that license. That’s the absurdity of what’s happened here,” ShapeShift CEO Erik Voorhees complained in 2018 when asked about the controversial license at CoinDesk's Consensus conference in New York.

    Image courtesy of Robinhood

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.