Robinhood Introduces Crypto Transfers in Europe, Expanding Services

Robinhood, the popular U.S. trading app, has extended its cryptocurrency services in Europe, now enabling customers to deposit and withdraw digital assets using external platforms such as wallets and exchanges like Binance.

Crypto Transfers Now Available in Europe

Robinhood Markets' crypto division, Robinhood Crypto, launched the new crypto transfer feature for European customers on October 1, 2024. This update allows users in the region to deposit and withdraw roughly 20 different cryptocurrencies, including major assets like Bitcoin (BTC) and Ether (ETH), via external wallets and crypto exchanges.

European Expansion Amid U.S. Regulatory Pressures

Robinhood first entered the European crypto market in December 2023, offering trading services. The company expanded its presence in Europe at a time when it faced increasing regulatory pressure in its home market. In June 2023, Robinhood was forced to suspend support for several crypto trading pairs in the U.S. due to regulatory scrutiny.

Although Robinhood had launched its crypto services nearly a year ago, European users were previously limited to buying and selling cryptocurrencies on the platform. The new transfer feature represents a significant enhancement, as it enables users to move assets between Robinhood and other platforms for the first time. This means customers can now send crypto from exchanges like Binance to Robinhood and vice versa, as well as transfer assets to external wallets for secure storage.

Simplifying Self-Custody and DeFi Access

The expansion of Robinhood’s services in Europe is part of the company's broader effort to simplify access to decentralized finance (DeFi) and self-custody for its users. Johann Kerbrat, Robinhood Crypto’s vice president and general manager, emphasized that the new feature gives users more control over their digital assets while maintaining the platform’s hallmark of safety, reliability, and affordability.

“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,” Kerbrat stated.

Identity Verification for Crypto Transfers

To access the new crypto transfer feature, Robinhood users in Europe must complete identity verification and enable two-factor authentication (2FA) on their accounts. Once these steps are completed, it may take up to five business days for the platform to approve the account for crypto transfers.

Robinhood’s crypto services in Europe are provided through its European entity, Robinhood Europe (RHEC), which is registered and supervised in Lithuania. The company operates under Lithuanian regulatory standards as both a virtual currency exchange and a depository wallet operator, overseen by the Lithuanian Financial Crime Investigation Service.

Future Outlook

While Robinhood’s expansion in Europe opens new doors for users to engage with cryptocurrencies more freely, the company has yet to disclose the full list of eligible European countries for this feature. Robinhood did not respond to requests for further information at the time of publication.

The latest update underscores Robinhood’s commitment to improving crypto accessibility, self-custody, and DeFi participation in Europe, even as the regulatory landscape continues to evolve globally.