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Update July 3, 11:30 am UTC: This article has been edited to clarify the license applies to Robinhood Crypto .
Robinhood has expanded its crypto services to Hawaii, Puerto Rico and the U.S. Virgin Islands, the brokerage platform announced on July 2, following a significant regulatory change by Hawaii’s Department of Commerce and Consumer Affairs (DCCA).
On June 28, the Hawaiian regulator announced that cryptocurrency services no longer needed a&nbsp;<a href="https://cointelegraph.com/news/hawaii-crypto-money-transmitter-license">money transmitter license</a> to operate in the state. This shift marks a big win for the industry, considering Hawaii represents one of the strictest financial regulatory climates in the United States, along with California and New York.
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 Source: <a href="https://x.com/RobinhoodApp/status/1808108680480722950" target="_blank" rel="noopener nofollow">Robinhood</a>
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<h2 data-ct-non-breakable="true" id="robinhood-crypto-may-leverage-bitstamp-to-offer-crypto-futures-to-u-s-and-european-customers">Robinhood Crypto may leverage Bitstamp to offer crypto futures to U.S. and European customers</h2>
According to a recent Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-07-02/robinhood-said-to-consider-offering-crypto-futures-in-us-europe?srnd=homepage-americas" target="_blank" rel="noopener nofollow">article</a>, Robinhood is also considering using the regulatory licenses held by Bitstamp to offer crypto futures trading to customers in the U.S. and Europe.
In June, the brokerage platform&nbsp;<a href="https://cointelegraph.com/news/robinhood-buy-bitstamp-crypto-exchange">agreed to purchase Bitstamp</a> for $200 million to offer institutional client services. Robinhood’s acquisition has not yet been finalized and is expected to close in 2025.
When the deal was announced, Robinhood’s general manager of crypto, Johann Kerbrat, explained that the company’s actions were a response to increased client demand for crypto products.
Related:&nbsp;<a href="https://cointelegraph.com/news/robinhood-users-get-ai-trading-tools-pluto-acquisition">Robinhood users are getting AI tools to help them trade</a>
<h3 id="forgiven-but-not-forgotten">Forgiven, but not forgotten?</h3>
Robinhood is popular because of its commission-free trading model and simple user interface. However, much controversy still surrounds the brand due to allegations of market manipulation during the 2021 meme craze, when stocks like GameStop and AMC saw meteoric rises due to heightened investor interest.
Unfortunately, the fundamentals of the underlying businesses that comprise meme stocks are often completely divorced from the social media hype that sends these stocks soaring.
In a 2021 lawsuit, investors accused the platform of restricting access to these stocks at the height of the meme mania. This led to what these investors characterized as billions of dollars in losses. Robinhood defended its actions by claiming that the trading limits were necessary to protect individuals and the platform from heightened volatility.
More recently, in May, Robinhood announced it was&nbsp;<a href="https://cointelegraph.com/news/robinhood-close-settle-gamestop-meme-stock-lawsuit">nearing a settlement</a> with the plaintiffs, though the exact details of the settlement were not disclosed.
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/bitcoin-layer2-sidechains-not-really-bitcoin-l2s/">‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters</a>

Robinhood Crypto is now available in Hawaii and select US territories

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Cointelegraph

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