16. April 2024

Crypto-Friendly Robinhood Inches Closer to UK Launch

• Robinhood has appointed a former Barclays executive, Jordan Sinclair, as the new CEO of its United Kingdom entity.
• The firm has been planning to launch services in the U.K. since 2019 but faced multiple delays.
• Robinhood is now expecting to launch its service in the U.K. by the end of 2023.

Robinhood Inches Closer to UK With Executive Appointment

Cryptocurrency-friendly trading platform Robinhood is moving closer to launching services in the United Kingdom with a new major local appointment. Jordan Sinclair, a former Barclays executive, was approved by the Financial Conduct Authority to serve as CEO of Robinhood’s UK arm on July 18th.

Previous Attempts at Expansion

Robinhood has been attempting to expand into the UK since 2019 but has faced multiple delays over that time period. In April 2022, they attempted to acquire British crypto firm Ziglu but eventually terminated that deal in early 2022. Reports from mid-July indicated they had started hiring executives for their UK business and are now targeting an end-of-2023 launch date for their platform.

Wells Fargo & Barclays Background

Prior to joining Robinhood, Sinclair was a managing director at European fintech firm Freetrade for 13 months and held positions as a director of group strategy at Barclays and corporate banker at Wells Fargo before that point in his career.

Continued Regulatory Scrutiny

Robinhood’s entrance into the UK comes amid US regulators continuing to closely scrutinize major cryptocurrency firms such as Ripple who recently applied for a crypto license in the United Kingdom themselves.

Conclusion

Overall, it appears that Robinhood’s expansion plans into the UK are slowly coming together piece by piece with this most recent executive appointment being one more step forward towards their ultimate goal of launching there by late 2023 or sooner if possible under current conditions.