Robinhood Plans Crypto Services Launch in Singapore by Year-End
Robinhood Markets Inc plans to expand its crypto services to Singapore through Bitstamp before the year's end. This move aims to leverage Bitstamp’s regulatory approval for a stronger presence in Asia.
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<li Robinhood Crypto announced the acquisition of Bitstamp for $200 million, part of its strategy to grow in the global crypto market valued at approximately $3.16 trillion.
<li The acquisition is pending; however, Bitstamp's Singapore license is pivotal for entry into the regulated market.
<li Bitstamp secured in-principle approval from the Monetary Authority of Singapore (MAS) in 2024.
<li Robinhood is collaborating with local regulators to ensure compliance with Singapore's standards.
<li CEO Vlad Tenev noted that Singapore could serve as a regional base due to its favorable regulatory environment.
<li Singapore is increasingly recognized as a hub for offshore crypto firms, attracting major players like Ripple and Binance.
<li Robinhood has expanded globally, entering Spain in January 2025 and introducing futures trading for assets like gold and Bitcoin.
<li The firm reached a $45 million settlement with the SEC in January 2025 over allegations of failing to report suspicious activities from 2018 to 2024.
Despite ongoing regulatory challenges, Robinhood targets Singapore as a key area for growth in digital asset services.