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The Robinhood stock and crypto trading app has received approval to operate as a broker in the United Kingdom.
According to a blog post on Aug. 7, Robinhood’s subsidiary has recently been approved by top British regulator, the Financial Conduct Authority (FCA), to legally offer its trading app in the country.
Robinhood said in the report that the FCA approval will enable the company to offer its investing platform to British users, further noting that the move would be a “critical step to achieve” their “mission of democratizing finance for all”.
The post also states that their London team is already growing and that they are hiring people “across compliance, operations, user research, and marketing.”
The approval was also made public alongside another announcement, in which the Robinhood team revealed that they appointed as President of Robinhood International the former head of treasury at money transfer service TransferWise Wander Rutgers.
“Wander has a deep background in fintech, joining us from Plum, where he spearheaded the investing and savings product.” The blog post noted that he will lead the U.K. business and manage Robinhood’s new London office.
“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.” – Wander Rutgers, President, Robinhood International
Robinhood Financial, the main branch operating in the US, is registered with the U.S. Securities and Exchange Commission and is also a member of both of the Financial Industry Regulatory Authority and Securities Investor Protection Corporation.
The FCA issued a month ago a policy statement regarding cryptocurrencies that stated that the agency will not be regulating Bitcoin in its legal guidelines for crypto assets.
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Post source: Robinhood App Approved to Operate in the UK