Robin Hood expands Shiba Inu availability in New York

Users in New York can now join other global cryptocurrency enthusiasts in trading Shiba Inu (SHIB) on the Robinhood platform. Robinhood, a well-known US trading platform, makes Shiba Inu (SHIB) available to users in New York. In addition to the Shiba Inu, Robinhood is adding two other cryptocurrencies to the list of assets its New York users can trade.
According to a recent announcement, the exchange has also added support for Compound (COMP) and Avalanche (AVAX). As of reporting time, New York residents can now trade a total of 11 cryptocurrency assets on Robinhood.
The list includes Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), Link (LINK), AAVE (AAVE), Ethereum Classic (ETC), Shiba Inu, Compound, and Avalanche.
Shiba Inu's Response
Meanwhile, the official Shiba Inu X account has also drawn attention to the recent developments. The Ecosystem team alluded to Jay Z and Alicia Keys’ famous song “Empire State of Mind,” which depicts New York as a metropolitan city where dreams can come true.
New York's strict approach to cryptocurrencies delays Shiba Inu's debut
Notably, Robinhood listed Shiba Inu for the first time in 2022. However, the cryptocurrency is not available to all Robinhood users due to regulatory issues.
New York was one of the states where Robinhood did not immediately list the cryptocurrency after supporting it two years ago.
Although New York ranks high among global financial centers, the state is known for its strict approach to cryptocurrencies. This is reflected in the state’s recent actions against emerging asset and cryptocurrency businesses.
For example, popular cryptocurrency exchange KuCoin was forced to cease services in New York and pay a $22 million settlement after the state accused it of operating an unregistered trading platform. Additionally, New York State has taken another strict action against cryptocurrencies after removing Litecoin and Ripple from its so-called Green List.
Considering New York’s harsh stance on cryptocurrencies, Robinhood’s delay in making Shiba Inu’s services available to residents in the area could be an effort to meet all regulatory obligations.
Robinhood Support for Shiba Inu
Since listing Shiba Inu in 2022, Robinhood has expanded support for the dog-themed token. Last month, the company launched the much-anticipated Android version of its mobile wallet, which included Shiba Inu among the list of supported assets.
Interestingly, Shiba Inu is currently the third-largest crypto asset in Robinhood’s portfolio.
Data from Arkham Intelligence shows that Robinhood currently holds a total of 42,123 trillion Shiba Inu, worth $1.06 billion.
As recently reported, yesterday Robinhood moved 3 trillion Shiba Inu tokens between its internal wallets.
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