New Yorkers can now trade Shiba Inu (SHIB) on Robinhood, joining a global community of crypto enthusiasts. The platform has added SHIB alongside Compound (COMP) and Avalanche (AVAX), expanding New York's crypto offerings to 11 assets. Here’s what you need to know:
Key Additions to Robinhood’s New York Portfolio
Supported Cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Aave (AAVE)
- Ethereum Classic (ETC)
- Shiba Inu (SHIB)
- Compound (COMP)
- Avalanche (AVAX)
👉 Discover how to trade SHIB on Robinhood
Why the Delay? New York’s Strict Crypto Regulations
Despite Robinhood listing SHIB in 2022, New York’s stringent regulatory environment delayed its availability. The state’s aggressive stance includes:
- Legal actions against unregistered platforms (e.g., KuCoin’s $22M settlement).
- Removal of assets like XRP and LTC from its "greenlist."
Robinhood’s cautious rollout likely reflects efforts to comply with these complex regulations.
Shiba Inu’s Market Impact
- Robinhood holds 42.123 trillion SHIB ($1.06B), making it the platform’s third-largest crypto asset.
- Recent activity: A 3 trillion SHIB transfer between internal wallets signaled major liquidity adjustments.
FAQ: Trading SHIB in New York
Q: Can I withdraw SHIB to an external wallet?
A: Yes, Robinhood’s mobile wallet (Android/iOS) supports SHIB transfers.
Q: Why was SHIB unavailable earlier?
A: New York’s BitLicense requirements demand rigorous compliance checks.
Q: Are fees applied to SHIB trades?
A: Robinhood offers commission-free trading but charges network fees for transfers.
Final Thoughts
Robinhood’s expansion into New York marks a milestone for SHIB adoption. However, investors should stay informed about regulatory shifts that could impact accessibility.
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