Stock Brokerage App Robinhood Launches Crypto Trading

Robinhood, the stocks brokerage app, has begun today to enable access to BTC and ETH trading to its customers from 5 states  
22 February 2018   913

Today, users who pre-registered for Robinhood Crypto started receiving emails with invitations to participate in the trading of cryptocurrencies, stocks, and exchange-traded funds (ETFs) side-by-side on a single platform.

According to the company’s statement, the service will be available to users from California, Massachusetts, Missouri, Montana, and New Hampshire, though the company intends to expand into other states as it acquires more money transfer licenses, which are granted at the state level.

Over the past few weeks, we’ve been overwhelmed by the enthusiasm towards Robinhood Crypto and are excited to contribute to the cryptocurrency community in a meaningful way. With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.

The platform achieved 1 million pre-registrations for less than one week. Currently, it has 4 million users, who collectively have achieved more than $100 billion in transaction volume.

Robinhood Crypto supports Bitcoin and Ethereum trading, although users can monitor and track market data for 16 cryptocurrencies, indicating that the company intends to expand it crypto asset offerings in the future.

Robinhood will not charge commission on crypto trading,  though prices will include trading fees charged by the underlying exchanges.
 

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.