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 getting ready to enterprise into the UK market in keeping with LinkedIn job postings prior to now two weeks. Notably, Robinhood has been posting new jobs targeted on the UK market to broaden its operations. Two weeks in the past, Robinhood posted a job commercial on its LinkedIn looking for a senior danger and compliance affiliate to be primarily based in London. The corporate specified that the candidate ought to have not less than six years of compliance apply 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 anticipated to give attention to 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 help the launch, enchancment, and scaling of its operations within the UK. Whereas the opposite positions might be primarily based out of the UK, the operations lead is anticipated to be positioned in London.
The corporate has been diversifying its operations outdoors the US following elevated regulatory scrutiny within the current 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 US Securities and Change Fee for violating sure funding guidelines. On the tail finish of 2020, Robinhood agreed to pay $65 million to settle the fees filed by the SEC. Notably, the SEC has charged Robinhood for routing its prospects’ commerce orders to different broker-dealers with out the income we disclosed.
“..Principal buying and selling companies try to revenue from executing massive volumes of retail purchase and promote orders both by taking the opposite facet 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 underneath 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 brought on by Binance and Coinbase Global Inc (NASDAQ: COIN) expenses of itemizing unregistered securities.
What does this imply for purchasers? Everybody who holds Solana (SOL), Polygon (MATIC), and Cardano (ADA) will obtain detailed directions on how you can 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 US 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 underneath custody. Through the first quarter, Robinhood introduced its internet 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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