Robinhood, the popular U.S.-based trading platform, has announced that customers in New York can now trade Shiba Inu (SHIB), expanding its list of available cryptocurrencies. In addition to SHIB, Robinhood has also added Compound (COMP) and Avalanche (AVAX) to its offerings for New York residents. This brings the total number of crypto assets available for trading on Robinhood in New York to 11, including Bitcoin, Ether, Dogecoin, Litecoin, Bitcoin Cash, Chainlink, Aave, Ethereum Classic, Shiba Inu, Compound, and Avalanche.
The inclusion of Shiba Inu on Robinhood’s platform in New York is significant, considering the state’s strict regulatory measures against cryptocurrencies. New York has a reputation for imposing stringent regulations on crypto and has taken actions against emerging assets and crypto businesses in the past. For example, popular crypto exchange KuCoin had to cease its services in New York and pay a hefty settlement after being accused by the state of operating an unregistered trading platform. New York has also removed Litecoin and XRP from its greenlist, further illustrating its tough stance on crypto.
Robinhood’s delay in making Shiba Inu available to New York residents can be attributed to its efforts to comply with regulatory obligations. Despite the challenges, Robinhood has shown support for Shiba Inu since listing it in 2022. Last month, the platform launched its highly anticipated mobile wallet for Android users, with Shiba Inu included as a supported asset. Currently, Shiba Inu is the third largest crypto asset in Robinhood’s portfolio, with the platform holding 42.123 trillion SHIB, valued at $1.06 billion.
It’s important to note that this article is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions. The views expressed in this article are the author’s personal opinions and do not necessarily reflect those of The Crypto Basic. The Crypto Basic is not liable for any financial losses incurred.