Cryptocurrency-friendly trading platform, Robinhood, has been diligently working on expanding its services to the United Kingdom since 2019, but encountered several delays. Now, with a key local appointment, the company is making significant strides towards its UK launch.
Jordan Sinclair’s Appointment and UK Expansion Plans
According to data from the Financial Conduct Authority (FCA), Robinhood has named former Barclays executive, Jordan Sinclair, as the CEO of its United Kingdom entity. The FCA officially approved Sinclair for the role on July 18.
Sinclair brings a wealth of experience to his new role. He has previously served as a managing director at the European fintech Freetrade for 13 months. Additionally, he has held positions as director of group strategy at Barclays and corporate banker at Wells Fargo.
Robinhood’s expansion plans into the UK have been a long-standing ambition, with rumors circulating as early as 2019. Despite facing multiple delays, the company renewed its commitment to the UK market by acquiring the British crypto firm, Ziglu, in April 2022.
Recent local reports revealed that Robinhood is actively recruiting key executives for its UK business, signaling its imminent launch. The company is optimistic about initiating its services in the UK by the end of 2023.
UK Entrance Amidst Regulatory Scrutiny in the US
As Robinhood ventures into the UK market, it does so at a time when major cryptocurrency firms are facing scrutiny by regulators in the United States. Notably, the U.S. Securities and Exchange Commission (SEC) is actively investigating various crypto companies, including Coinbase, Ripple, and Binance.US.
Even as a prominent crypto platform in the United States, Robinhood has not been exempt from regulatory actions. In February of this year, the SEC issued an investigative subpoena to Robinhood Markets, probing its digital asset business’ crypto listings, custody, and platform operations.
Subsequently, in June, Robinhood announced its decision to halt support for coins like Cardano, Polygon, and Solana. This was following the SEC’s classification of these assets as unregistered securities.
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