Robinhood to Enter UK Market As It Begins Hiring New Staff
Robinhood is an online trading platform that introduced commission-free trading facilities. The publicly traded company has faced some trouble from regulators in the USA recently.
However, the digital trading platform is now planning to expand its operations and extend its services in the UK. During the last two years, the firm has posted some jobs on LinkedIn for new positions at its London office.
One of these jobs seeks a suitable candidate for senior risk compliance associate. Robinhood officials have ordained that the applicant should have at least 6 years of prior experience in the area related to working in the field of working for financial service providers. Meanwhile, the company posted another position compliance officer.
The second position also intended for London focuses on individuals who can decipher and manage money laundering. On the other hand, the firm has also opened a new position for operations lead citing the intention of the firm to expand their business in the area.
Robinhood to Leave US Due to Regulatory Uncertainty
Robinhood is among the online trading platforms that have come under fire recently by the Securities and Exchange Commission of the United States. The firm paid around $65 million in 2020 to SEC on account of violation of trading rules.
Recently, SEC has charged Robinhood for exporting the order book of their retail consumers outside of their trading platform. The agency has maintained that big corporations have managed to make illegal profits by placing bets against the majority of retail consumers.
The illegal trading activity by the online platforms is known as Internalization and it happens by way of routing the internal order books to other market centers.
On the other hand, Robinhood also faced the heat from regulators in the aftermath of the Gamestop short-squeeze event. These regulatory issues compelled the firm to delist important cryptocurrencies such as Cardano, Solana, and Polygon.
Robinhood has a history of getting in trouble with the American regulators. The SEC recently sued both Coinbase and Binance with a barrage of lawsuits concerning cryptocurrencies. Robinhood has maintained that it is delisting the major cryptocurrencies on the platform to avoid any additional scrutiny from the regulators.
The firm informed the consumers that anyone who already owns these currencies is going to receive instructions on how to sell them later. At the same time, the firm has maintained that the cryptocurrency sector in the USA will flourish once the regulator issues are settled.
The monthly active users at Robinhood are around 11.8 million and an AUM of $78 billion. Meanwhile, Robinhood shares have gained around 54 percent on YTD reaching a per unit $12.56 this week.
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