Robinhood to Expand Crypto Trading Into EU, Plans to Start UK Brokerage

The crypto trading platform for EU will open in "coming weeks," said the company.

AccessTimeIconNov 7, 2023 at 10:00 p.m. UTC
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Robinhood (HOOD), the popular trading platform, plans to start EU crypto trading and U.K. brokerage operations in the coming weeks.

"With an experienced team in place, we will soon launch brokerage operations in the U.K.," Robinhood said in its third-quarter earnings statement on Tuesday. "As another step in global expansion, we are also planning to launch crypto trading in the EU following our U.K. launch," the firm added.

Robinhood said during the summer, that it was looking to hire staff in the U.K. as it plans to expand into the region.

The move comes as some crypto firms have suspended serving U.K. customers thanks to new promotions rules that require crypto firms to provide clear risk labels and implement system changes came into effect on Oct. 8.

Robinhood also said in its earnings statement that its crypto-related revenue for the third quarter fell 55% to $23 million from the same quarter one year earlier.

In June, Robinhood ended support for all tokens named as securities in the SEC lawsuits against crypto exchanges Binance and Coinbase. Those tokens were Cardano (ADA), Polygon (MATIC) and Solana (SOL). The trading platform currently offers trading for 15 different cryptocurrencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE) and avalanche (AVAX).

Company shares were lower by 5.8% in post-market action as Q3 revenue came in shy of analyst estimates and guidance disappointed as well. For the year, HOOD is higher by about 18% versus the S&P 500's 14% advance.

Edited by Stephen Alpher.


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