Crypto-friendly Robinhood inches closer to UK with local CEO appointment

Crypto-friendly trading platform Robinhood is moving forward with plans to launch services in the UK with a major new local appointment.

Robinhood has appointed former Barclays executive Jordan Sinclair as the new CEO of its United Kingdom entity, according to data from the Financial Conduct Authority.

According to FCA, Sinclair was approved of the authority to fill the CEO role at Robinhood’s UK arm on July 18.

Prior to joining Robinhood, Sinclair was managing director at European fintech company Freetrade for 13 months, according to to his LinkedIn profile. He also worked as director of group strategy at the financial firm Barclays and corporate banker at Wells Fargo.

The latest hire is in line with Robinhood’s long-term plans to launch a platform in the UK. Robinhood’s UK expansion has been rumored since at least early 2019 but has been delayed several times. In April 2022, Robinhood renewed its expansion plans by acquiring the British crypto company Ziglu.

Local reports in mid-July suggested that Robinhood has begun the process of hiring key executives for its UK business. The company reportedly expects to launch its service in the UK by the end of 2023.

Related: Ripple is applying for a crypto license in the UK

Robinhood’s entry into the UK comes amid US regulators continuing to scrutinize major cryptocurrency firms. The US Securities and Exchange Commission is currently pursuing several cases related to crypto firms in the country, including against companies such as Coinbase, Ripple, Binance.US and others.

As a major crypto platform in the United States, Robinhood also faced action from the SEC. In February, Robinhood Markets received an investigative subpoena from the SEC regarding crypto listings, custody and platform operations of its digital asset trading business. In June, Robinhood announced plans to end support for coins such as Cardano’s ADA (ADA), Polygon’s MATIC (MATIC) and Solana’s SOL (SOL) after the SEC labeled them unregistered securities.

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