Robinhood, a cryptocurrency-friendly trading platform, is moving forward with its plans to launch services in the UK and has made a significant appointment for its local operations. Jordan Sinclair, a former Barclays executive, has been appointed as the new Chief Executive of Robinhood. hood's UK entity, as confirmed by the Financial Conduct Authority (FCA). Sinclair received regulatory approval on July 18 for this role. Prior to joining Robinhood, he spent 13 months as a managing director at European fintech firm Freetrade, and has also he ld positions at Barclays and Wells Fargo.
This hiring aligns with Robinhood's long-term strategy of expanding into the UK market. While rumors of its UK expansion have circulated since early 2019, the plans have experienced delays. In April 2022, Robinhood revealed its intentions to acquire British cryptocurrency company Ziglu, but The deal was later called off, as announced in early 2022. Recent local reports in mid-July indicated that Robinhood has begun hiring key executives for its UK operations, and the company expects to launch its service in the UK by the end of 2023.
As Robinhood enters the UK market, it does so amidst ongoing scrutiny of major cryptocurrency firms by US regulators. The US Securities and Exchange Commission (SEC) is currently investigating multiple cases involving cryptocurrency companies, including Coinbase, Ripple, and Binance.US, among others. Being a major US crypto platform, Robinhood is also subject to action from the SEC. In February, Robinhood Markets received a subpoena from the SEC regarding its digital asset business's crypto listing, custody, and platform operations. Furthermore, in Ju ne, Robinhood announced its decision to stop supporting certain tokens, such as Cardano's ADA and Polygon's MATIC, after they were flagged by the SEC as unregistered securities.
