December 2, 2023

Robinhood Gets UK Brokerage License

Robinhood Gets UK Brokerage License

Robinhood International, a subsidiary of the American financial company Robinhood Markets, has received a brokeragelicensed by the UK Financial Regulatory Authority.

The UK branch of the firm will be led by formerDirector of payment operator TransferWise Wander Rutgers. He commented on the news of receiving a license: “Today marks the beginning of a new era for Robinhood. I am delighted that we have been able to take the first important step towards launching an investment platform for UK clients. I'm proud to be part of the Robinhood team, a company that is expanding its business into a new international market.

The main product of the enterprise is an application forSmartphones Robinhood. With it, you can trade stocks of various companies and exchange-traded investment funds (ETFs) represented on US exchanges without a commission. The capital of the company is from $ 7 to $ 10 billion. The main source of income for the company are margin loans.

In January this year, the New York Department offinancial services granted Robinhood a license to trade cryptocurrencies (the so-called BitLicense). The company has listed seven digital assets (Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin and Dogecoin) and added a function to track the dynamics of 10 virtual currencies in the application. The option to purchase digital assets has become available to residents of 39 US states.