The brokerage platform took advantage of Hawaii’s recent change to money transmitter licensing to expand to the non-contiguous United States.
Robinhood has expanded its 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 money transmitter license 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.
According to a recent Bloomberg article, Robinhood is also considering using the regulatory licenses held by Bitstamp to offer crypto futures trading to customers in the United States and Europe.