The Financial Conduct Authority (FCA), the United Kingdom’s financial regulator, has authorized Robinhood International, Ltd., a subsidiary of commission-free crypto investing app Robinhood Markets, Inc. to operate as a broker-dealer in the U.K., according to a blog post on August 7, 2019.
FCA’s Approval of Robinhood
Per the blog post, the FCA has approved Robinhood International, Ltd., to operate as a cryptocurrency broker in the U.K., enabling the company to offer its products and services to customers in the country.
The firm says getting the FCA seal of approval is a leap in step to fulfil its mission of making finance accessible to all and its London team is already hiring qualified professionals to man critical areas such as operations, compliance, user research, and marketing, to match the massive growth the firm is currently experiencing.
In other news, Robinhood announced that Wander Rutgers is now the President of Robinhood International and he will oversee the company’s business in the entire U.K., including its London office.
Reportedly, Wander Rutgers has a solid background in financial technology (fintech) and recently joined Robinhood International from Plum Fintech, a London-based financial services company https://uk.linkedin.com/company/plum-fintech where he functioned in the investing and savings product section.
Commenting on the latest development, Wander Rutgers, President of Robinhood International expressed his excitement over the significant milestone, adding “I’m thrilled to be a part of Robinhood and our effort to expand into a new international market.”
Notably, Robinhood has now joined other blockchain-based firms that have secured the FCA license, including Tramonex Labs.
FCA Determined to Regulate its Cryptospace
Just like several other financial regulators across the globe, the FCA has been putting in significant efforts into regulating the U.K.’s crypto ecosystem to make life difficult for rogue actors while also providing an enabling environment for digital assets to thrive.
In January 2019, the FCA began consultations with cryptocurrency market participants in the U.K. to find out the exact cryptoassets that would fall under its purview.
On August 1, 2019, BTCManager confirmed that the FCA had issued a Final Guidance on the cryptoassets that falls into its umbrella, in a bid to eliminate regulatory uncertainties and foster clarity.