By granting a broker’s license by the Financial Conduct Authority (FCA), Robinhood International, the firm’s subsidiary, is now able to narrow the gap between its services to the UK clients.
Moreover, Robinhood also informed that it has appointed TransferWise executive Wander Rutgers to manage its UK business and London office as the President of Robinhood International. Previously, Wander has worked for the investment and savings app Plum, in which he oversaw the startup’s investing and savings product.
“Today marks the beginning of a new chapter for Robinhood, and we’re excited to take the first important step towards bringing our investing platform to customers in the U.K. I am thrilled to be a part of Robinhood and our effort to expand into a new international market,” Rutgers stated.
In May 2019, The New York Department of Financial Services (DFS) has granted “virtual currency licenses”, or BitLicenses, to US-based crypto companies Robinhood Crypto and Moon Inc, with the former also being issued a money transmission license.
DFS has authorized Robinhood Crypto to offer services for buying, selling, and storing seven virtual currencies, including Bitcoin, Ether, Bitcoin Cash, and Litecoin. Its parent company, Robinhood, is for retail customers in the US to trade stocks and options on a commission-free basis through Robinhood Financial, reported by The Crypto Sight on 29 January.