Webull brokerage reopens crypto trading for US users after 2023 suspension

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Online brokerage Webull has resumed crypto trading for US customers after discontinuing the services in the summer of 2023 due to challenges from federal securities regulators, according to a Monday announcement.

The brokerage platform, which has more than 24 million customers worldwide, will offer trading in over 50 digital assets, including Bitcoin, Ethereum, and Solana. It has provided crypto services in Brazil since June.

Anthony Denier, US CEO and Group President at Webull, said in a statement that the update is part of the company’s mission to create a seamless, user-focused investing experience that integrates stocks, options, and digital assets on one platform.

“By reintegrating crypto trading into the Webull app, we are making it easier for customers to access and manage their entire portfolio, whether they’re trading stocks, options, or digital assets,” Denier stated. “This update removes friction and provides a seamless centralized platform for navigating all investment opportunities.”

According to Stephen Yip, CEO of Webull Pay, crypto is now an important part of diversified portfolios. By bringing crypto trading back, the platform seeks to provide a more unified and convenient experience for modern investors.

Webull plans to expand crypto trading to more countries or markets in the near future.

Webull previously cut its crypto offerings on its main US platform mainly to prepare for its SPAC merger and public listing, which required streamlining its operations and focusing on regulatory compliance. The company officially debuted on Nasdaq in April this year.

Robinhood, Webull’s prominent competitor, has offered crypto trading since 2018 and became a publicly traded company in 2021.

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