Cryptocurrency-friendly trading platform Robinhood is making progress in its plans to expand into the United Kingdom by appointing former Barclays executive Jordan Sinclair as the CEO of its UK entity. This appointment was approved by the Financial Conduct Authority (FCA) on July 18th.
Sinclair brings a wealth of experience to Robinhood, having previously served as a managing director at European fintech Freetrade for 13 months. Prior to that, he worked as the director of group strategy at Barclays and as a corporate banker at Wells Fargo.
The decision to hire Sinclair aligns with Robinhood’s long-standing plans to launch its platform in the UK. Speculation about Robinhood’s UK expansion began as early as 2019, but the launch has been delayed multiple times. The company took a step towards its UK expansion in April 2022 when it acquired British crypto firm Ziglu.
According to local reports in mid-July, Robinhood initiated the process of hiring key executives for its UK business, indicating that the platform is progressing towards its goal of launching in the UK by the end of 2023.
Robinhood’s entry into the UK market comes at a time when US regulators are closely scrutinizing major cryptocurrency firms. The US Securities and Exchange Commission (SEC) is currently handling several cases related to crypto companies, including Coinbase, Ripple, Binance.US, and others.
As a prominent crypto platform in the US, Robinhood itself faced action from the SEC earlier this year. In February, the company received an investigative subpoena from the SEC regarding its crypto listings, custody, and platform operations. In response, Robinhood announced in June that it would no longer support certain coins like Cardano, Polygon, and Solana, after the SEC classified them as unregistered securities.
Robinhood’s expansion into the UK signifies a further step in its mission to bring its user-friendly cryptocurrency trading services to an international market. The appointment of Sinclair as the CEO of its UK entity demonstrates the platform’s commitment to establishing a strong presence in the UK and catering to the needs of British crypto traders.
With the launch of its UK services on the horizon, Robinhood aims to provide British users with a streamlined and accessible trading experience, similar to what it has offered to millions of users in the US. By expanding its operations to the UK, Robinhood is poised to contribute to the growth and development of the cryptocurrency ecosystem in one of the world’s major financial hubs.
As the cryptocurrency industry continues to evolve and regulatory landscapes evolve, it will be interesting to see how Robinhood navigates the challenges and opportunities of expanding into the UK market. The appointment of Sinclair as the CEO of Robinhood’s UK entity positions the platform for success as it seeks to establish itself as a key player in the British crypto landscape.