Crypto-friendly Robinhood inches to UK with native CEO appointment

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

Robinhood has appointed former Barclays government Jordan Sinclair as the brand new CEO to run its United Kingdom entity, in response to information from the Monetary Conduct Authority.

In keeping with 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 Freetrade for 13 months, according to his LinkedIn profile. The brand new Robinhood’s government additionally labored as director of group technique on the monetary agency Barclays and company banker at Wells Fargo.

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

Native studies in mid-July suggested that Robinhood 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 tip of 2023.

Associated: Ripple applies for crypto license in the United Kingdom

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

As a serious crypto platform in america, Robinhood additionally confronted some motion by the SEC this yr. 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 coins like Cardano, Polygon and Solana after the SEC labeled them as unregistered securities.

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