The State Department of Financial Services (DFS) approved the applications of Robinhood Crypto LLC, a subsidiary of Robinhood Markets Inc., and Moon Inc. (doing business as LibertyX) for virtual currency licenses. DFS also authorized a money transmission license for Robinhood. DFS also permitted Robinhood Crypto to offer services for buying, selling, and storing seven virtual currencies, including Bitcoin, Ether, Bitcoin Cash, and Litecoin. Robinhood Crypto’s parent company, Robinhood, allows U.S. based retail/individual customers to trade stocks and options on a commission-free basis through Robinhood Financial.
“DFS continues to rapidly and responsibly respond to financial services market innovations by licensing technology-based money transmitters under New York’s money transmitter law; online lenders under New York’s banking law; and virtual currency exchanges under New York’s financial services law.” DFS has now approved sixteen charters or licenses for companies in the virtual currency marketplace.