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Cryptocurrency-friendly trading platform Robinhood is moving forward with plans to launch services in the United Kingdom with a major new local destination.
Robinhood has named former Barclays chief executive Jordan Sinclair as the new CEO to manage its UK operation, according to the Financial Conduct Authority.
According to the FCA, on July 18, Sinclair was confirmed by the authorities to be the CEO of Robinhood’s UK division.
According to his LinkedIn profile, before joining Robinhood, Sinclair was the managing director of European fintech Freetrade for 13 months. The new Robinhood chief executive also served as director of group strategy at financial firm Barclays and as a corporate banker at Wells Fargo.
The latest hire is in line with Robinhood’s long-term plans to launch the platform in the United Kingdom. Rumors of a UK expansion of Robinhood have been circulating since at least early 2019 and have been delayed several times. In April 2022, Robinhood resumed expansion plans with the acquisition of UK-based cryptocurrency company Ziglu.
Local reports in mid-July said that Robinhood had 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 applies for UK cryptocurrency license
Robinhood’s move to the UK comes as regulators in the United States continue to scrutinize major crypto companies. The U.S. Securities and Exchange Commission is currently reviewing several cases related to cryptocurrency firms in the country, including companies such as Coinbase, Ripple, Binance. US and others.
As a major cryptocurrency platform in the United States, Robinhood has also faced some action from the SEC this year. In February, Robinhood Markets received a subpoena from the Securities and Exchange Commission over the listing of cryptocurrencies, custody and platform operations of its digital asset business. In June, Robinhood announced plans to end support for coins like Cardano, Polygon, and Solana after they were flagged as non-registered securities by the SEC.