The recognized trading app Robinhood has been approved by regulators in the United Kingdom to operate in the country. In order to do so, a subsidiary of the U.S. firm has been working to receive the approval of the Financial Conduct Authority (FCA). The goal is to provide free crypto trading services to users in the country.
Robinhood Enters the UK Market
According to a blog post released by Robinhood on August 7, they informed that their subsidiary Robinhood International, Ltd. has been authorized by the FCA to operate as a broker in the United Kingdom. With this authorization, users will have the possibility to have access to the services U.S. clients are currently receiving.
In addition to it, the firm announced that they have appointed Wander Rutgers as President of Robinhood International. His main tasks will be to lead the U.K. business and also oversee their new London office. Wander worked at TransferWise and helped the firm expand into new markets around the world.
These are just the first steps that the company is taking in order to bring its services to users in other countries and jurisdictions outside the United States.
On the matter, Rutgers commented:
“Today marks the beginning of a new chapter for Robinhood, and we’re excited to take the first important step towards bringing our investing platform to customers in the U.K. I’m thrilled to be a part of Robinhood and our effort to expand into a new international market.”
At the moment, the firm is already hiring compliance, operations, user research, and marketing experts.
It is worth pointing out that Robinhood Financial is registered with the United States Securities and Exchange Commission (SEC). The firm is also a member of the Financial Industry Regulatory Authority (FINRA).
The company has reached a larger number of users in the United States because it is one of the first brokers offering crypto and stock trading services without fees for users. This is very useful for many traders that want to make more efficient their trading activities.
The United Kingdom and the U.S. have regulatory agencies that tend to be very cautious about the firms that they let operate in the market. Robinhood has been expanding all over the U.S. and has proved to be a serious player in the financial technology industry.
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