Tuesday, February 27, 2024

Crypto-friendly Robinhood inches closer to UK with local CEO appointment

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Cryptocurrency-friendly buying and selling platform Robinhood is transferring ahead with plans to launch companies in the UK with a brand new main native appointment.

Robinhood has appointed former Barclays govt Jordan Sinclair as the brand new CEO of its United Kingdom entity, in keeping with knowledge from the Monetary Conduct Authority.

Based on FCA, Sinclair was approved by the authority to carry out the CEO function at Robinhood’s U.Ok. arm on July 18.

Previous to becoming a member of Robinhood, Sinclair was a managing director on the European fintech agency Freetrade for 13 months, according to his LinkedIn profile. He additionally labored as a director of group technique on the monetary agency Barclays and a company banker at Wells Fargo.

The most recent hiring comes consistent with Robinhood’s long-running plans to launch a platform in the UK. Robinhood’s U.Ok. growth has been rumored since at least early 2019 however has been delayed a number of instances. In April 2022, Robinhood renewed its growth plans by acquiring the British crypto firm Ziglu.

Native studies in mid-July suggested that Robinhood had began the method of hiring key executives for its U.Ok. enterprise. The agency reportedly expects to launch its service within the U.Ok. by the top of 2023.

Associated: Ripple applies for crypto license in the United Kingdom

Robinhood’s entrance to the U.Ok. comes amid United States regulators persevering with to scrutinize main cryptocurrency corporations. The U.S. Securities and Change Fee is at present pursuing a number of instances associated to crypto corporations within the nation, including against companies like Coinbase, Ripple, Binance.US and others.

As a serious crypto platform in the US, Robinhood has additionally confronted motion by the SEC. In February, Robinhood Markets received an investigative subpoena from the SEC over its digital asset enterprise’ crypto listings, custody and platform operations. In June, Robinhood introduced plans to cease support for cash like Cardano’s ADA (ADA), Polygon’s MATIC (MATIC) and Solana’s SOL (SOL) after the SEC labeled them unregistered securities.

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