Cryptocurrency-friendly trading platform Robinhood is moving forward with plans to launch services in the UK, with a major new local appointment.
robin hood has appointment Former Barclays executive Jordan Sinclair is in charge of running its UK entity as the new chief executive, according to the Financial Conduct Authority.
According to FCA, Sinclair officially recognized On July 18, he was appointed chief executive of Robinhood UK.
Prior to joining Robinhood, Sinclair spent 13 months as Managing Director of the European FinTech Free Trade Company, according to to his LinkedIn profile. The new Robinhood executive also served as director of group strategy at financial firm Barclays and a corporate banker at Wells Fargo.
The latest hiring fits with Robinhood’s long-term plans to launch the platform in the UK. Robinhood has been rumored to expand in the UK since at least early 2019, but the announcement has been delayed multiple times. In April 2022, Robinhood updated its expansion plans with the acquisition of British cryptocurrency company Ziglu.
Local reports in mid-July suggestion Robinhood has started hiring key executives for its UK operations. According to reports, the company expects to launch the service in the UK by the end of 2023.
related: Ripple applies for a cryptocurrency license in the UK
Robinhood’s entry into the U.K. comes as U.S. regulators continue to scrutinize major cryptocurrency firms. The U.S. Securities and Exchange Commission is currently hearing multiple cases related to crypto companies in the country, including Coinbase, Ripple, Binance.US, and others.
As a major U.S. crypto platform, Robinhood has also faced some action from the SEC this year. In February of this year, Robinhood Markets received a subpoena from the SEC investigating the encryption listing, custody and platform operation of its digital asset business. In June, Robinhood announced plans to stop supporting tokens like Cardano, Polygon and Solana after the SEC labeled them as unregistered securities.
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