Robinhood has announced that New York residents can now trade Tezos (XTZ), Stellar (XLM), and Uniswap (UNI) on its platform. This follows the addition of Shiba Inu (SHIB), Compound (COMP), and Avalanche (AVAX) for New Yorkers in April.
The app is currently awaiting regulatory approval to enable crypto transfers in certain states.
New York is known for its strict regulatory environment, often seen as one of the most anti-crypto states in the U.S. Companies must obtain a “BitLicense” to operate in the state’s crypto space, leading many firms to exclude New York customers.
However, Robinhood secured its BitLicense in 2019, allowing residents to trade Bitcoin and other major cryptocurrencies. Since then, Robinhood has been expanding its crypto offerings, including adding support for XLM in August 2022.
That same month, the New York State Department of Financial Services (NYSDFS) fined Robinhood $30 million for failing to meet cybersecurity and anti-money laundering regulations—the first crypto enforcement action by the regulator.
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