Robinhood, the US crypto trading app, has expanded its business in the UK. It is reported to stealthily recruit several UK based positions including operations, marketing, PR, customer support, compliance and product.
Last year, many non-compliant businesses have been inspected under investigation carried out by the Financial Conduct Authority (FCA). Robinhood has observed crypto section in the UK and committed to comply with the FCA’s regulations
Robinhood Vs. Revolut
Robinhood won’t be the first commission-free company that have seen the potential in the crypto market in the U.K. The local competitor, Revolut, made speech about the intention of releasing commission-free trading in June last year. But there are little movement since the announcement and not any free-trading function has been including in the Revolut app. Techcrunch implies that the product of Revolut should be in the public soon in the first quarter of 2019.
Revolut received an e-money FCA license in May 2016. The US based application Robinhood may have to wait a little while before obtaining an operation license from FCA.
Last month, Robinhood published a savings and checking account for its American customers. Robinhood accounts offer “fee-free, commitment-free and surprise-free,” and users would have to pay 3% interest on deposits Providing over 75,000 Automated Teller Machines across the U.S, Robinhood account holders will also be entitled to a debit card that can be used across the U.S.