Robinhood to launch crypto trading in Europe in 2024 with FCA license

by Dec 7, 2023CryptoNews0 comments

Robinhood, the popular trading app that offers commission-free stock and crypto trading, has announced that it will launch its crypto services in Europe in 2024. The company said that it has received a license from the UK Financial Conduct Authority (FCA) to operate as a crypto broker in the region.

According to the company’s blog post, Robinhood will initially offer six cryptocurrencies for trading: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and Ethereum Classic. Users will be able to buy and sell these coins with fiat currencies, such as the British pound or the euro, and track their prices and performance on the app. The company said that it plans to add more coins and features in the future.

Robinhood said its mission is to democratize finance for everyone and make investing more accessible and affordable for everyone. The company said it believes crypto is a powerful tool for financial inclusion and empowerment and that it wants to bring its crypto services to more people around the world.

Robinhood’s crypto expansion in Europe comes after the company faced several challenges and controversies in the US market. In January 2021, the company was criticized for restricting the trading of certain stocks, such as GameStop and AMC, that were targeted by a Reddit group called WallStreetBets, which caused a massive surge in their prices. The company said it had to limit trading due to regulatory and liquidity issues, but many users and lawmakers accused the company of market manipulation and favoring hedge funds over retail investors.

In June 2021, the company agreed to pay $70 million to settle charges from the Financial Industry Regulatory Authority (FINRA) for misleading customers, approving ineligible traders, and failing to prevent outages and glitches on its platform. The company said that it has made significant improvements to its systems and processes since then.

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In July 2021, the company filed for an initial public offering (IPO) on the Nasdaq stock exchange, under the ticker symbol HOOD. The company said that it plans to raise up to $2.3 billion from the IPO and that it will reserve up to 35% of its shares for its own customers. The company also said that it will give away $100 worth of shares to some of its users who sign up for its IPO access program.

Robinhood’s crypto services in Europe will compete with other established players in the region, such as Coinbase, Binance, eToro, and Revolut. The company said it hopes to differentiate itself by offering a simple and user-friendly app, low fees, and a loyal and engaged customer base.

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