Robinhood Markets has listed three jobs for the UK market together with a Compliance Officer, Operations Lead, and Senior Threat and Compliance Affiliate.
Robinhood Markets Inc (NASDAQ: HOOD) is making ready to enterprise into the UK market based on LinkedIn job postings prior to now two weeks. Notably, Robinhood has been posting new jobs centered on the UK market to increase its operations. Two weeks in the past, Robinhood posted a job commercial on its LinkedIn looking for a senior threat and compliance affiliate to be primarily based in London. The corporate specified that the candidate ought to have at the least six years of compliance observe expertise specializing in monetary companies in the UK.
On Monday, the corporate posted one other job commercial for a compliance officer primarily based in London. The candidate is predicted to deal with a number of points together with cash laundering reporting obligations. Most significantly, Robinhood introduced the job commercial for an operations lead in London to assist assist the launch, enchancment, and scaling of its operations within the UK. Whereas the opposite positions will be primarily based out of the UK, the operations lead is predicted to be situated in London.
The corporate has been diversifying its operations exterior the USA following elevated regulatory scrutiny within the latest previous that was triggered by the implosion of FTX.
Robinhood Flees Hostile US Market
Up to now few years, Robinhood has discovered itself at loggerheads with the USA Securities and Trade Fee for violating sure funding guidelines. On the tail finish of 2020, Robinhood agreed to pay $65 million to settle the costs filed by the SEC. Notably, the SEC has charged Robinhood for routing its clients’ commerce orders to different broker-dealers with out the income we disclosed.
“..Principal buying and selling corporations try to revenue from executing massive volumes of retail purchase and promote orders both by taking the opposite aspect of buyer orders and exiting the positions at a revenue, which is often known as “internalization”, or by routing the orders to different market facilities,” the SEC noted.
Robinhood has additionally been below regulatory scrutiny following the meme inventory frenzy that concerned GameStop Corp (NYSE: GME). The regulatory scrutiny lately pushed Robinhood to delist a number of crypto belongings together with Cardano (ADA), Solana (SOL), and Polygon (MATIC) from its platform. The choice to delist the talked about crypto belongings was attributable to Binance and Coinbase Global Inc (NASDAQ: COIN) prices of itemizing unregistered securities.
What does this imply for patrons? Everybody who holds Solana (SOL), Polygon (MATIC), and Cardano (ADA) will obtain detailed directions on find out how to promote and/or withdraw their cash, the place supported. (3/4)
— Robinhood (@RobinhoodApp) June 9, 2023
Nonetheless, Robinhood said that it stays hopeful the crypto market in the USA will thrive as soon as a transparent regulatory framework is put in place.
Market Outlook
Robinhood has a reported month-to-month energetic customers of about 11.8 million and a complete of $78 billion in belongings below custody. Throughout the first quarter, Robinhood introduced its web income elevated by 16 p.c to about $441 million. In consequence, HOOD shares have gained about 54 p.c YTD to commerce round $12.56 on Tuesday.
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