August 4, 2021

Robinhood cancels UK launch

Robinhood cancels UK launch

American Cryptocurrency Platform Robinhood Pulls Off UK Launch To Focus on the US market.

Robinhood, a popular investment platformwithout paying commissions, increased the number of its users to 3 million since the beginning of the year. However, in the US, the investment application is under intense pressure after a 20-year-old student took his own life last month, mistakenly believing that he lost $ 730,000 (£ 575,000) using the application.

Robinhood, with 13 million users and valued at $ 8.6 billion in a recent fundraiser, noted:

"We are saddened to have made the difficult decision to postpone our UK launch indefinitely."

Robinhood was approved by the UK Financial Conduct Authority (FCA) to enter the UK market last year, but did not manage to realize its launch plans.

Some of his British employees are nowwill relocate to the US, while the skeleton team will remain in the UK, where the business is run by Vander Rutgers, former head of the TransferWise money transfer platform

As of last week, there were over 250,000 people on the app launch waiting list in the UK. The company will close the waitlist and shut down the site itself soon.

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