Retail investing platform Robinhood has announced that it will now allow customers in Europe to transfer cryptocurrencies in and out of its app. This move expands the company’s product capabilities in the region and allows users in the European Union to deposit and withdraw more than 20 digital currencies, including bitcoin, ethereum, solana, and USD coin. Customers will also have the ability to “self-custody” their assets, meaning they can take ownership of their cryptocurrency in a fully owned wallet.
In December last year, Robinhood launched its crypto trading service, Robinhood Crypto, in the EU, allowing users to buy and sell cryptocurrencies but not to move them away from the platform. With the new feature, customers in Europe now have the ability to transfer their cryptocurrencies to another platform or to their own self-custodial wallet. Johann Kerbrat, the general manager of Robinhood’s crypto unit, believes that the EU has the potential to become a significant market for digital currencies due to its crypto-friendly regulations.
The EU’s Markets in Crypto-Assets (MiCA) regulation sets out harmonized rules for the crypto sector across all 27 member states, creating a unified regime for the entire bloc. Kerbrat stated that the EU market is as big as the U.S., making it an interesting market for Robinhood. In addition, for a limited time, the company is offering European customers the ability to receive 1% of the value of tokens deposited on its platform back in the form of the equivalent cryptocurrency they transfer into Robinhood.
While Robinhood is expanding its crypto services in Europe, U.S. crypto firms are facing regulatory challenges at home. The SEC has sued companies like Coinbase, Binance, and Ripple over claims of dealing in unregistered securities. Despite being regulated by the SEC, FINRA, and holding a BitLicense with the New York State Department of Financial Services, Robinhood’s general manager expressed discontent with the regulatory environment in the U.S., describing it as “regulation by enforcement.”
In June, Robinhood announced its acquisition of Luxembourg-based crypto platform Bitstamp for approximately $200 million in cash. This deal is expected to close in the first half of 2025 and will allow Robinhood to leverage Bitstamp’s exchange technology and expand its reach globally. Bitstamp holds over 50 licenses and registrations globally, providing access to key international markets and regulatory permissions. The acquisition is also aimed at diversifying Robinhood’s crypto business to serve more institutional investors.
Although Robinhood currently offers its crypto trading, deposit, and withdrawal functionality only to customers in the European Union, not in the U.K., the company’s deal with Bitstamp is expected to help it further expand globally and serve a wider client base. Additionally, the acquisition of Bitstamp will enable Robinhood to offer a “crypto-as-a-service” offering, allowing banks and financial institutions to launch their own crypto capabilities. Robinhood launched its stock trading service in the U.K. last year but has not yet extended its crypto services to clients in the country.
