Robinhood Markets has listed three positions for the UK Market including Compliance Officer, Chief Operating Officer, and Chief Risk and Compliance Officer.
Robinhood Markets Inc (NASDAQ: HOOD) is preparing to enter the UK market according to job postings posted on LinkedIn in the past two weeks. Notably, Robinhood is posting new jobs focused on the UK market to expand its operations. Two weeks ago, Robinhood posted a job advertisement on its LinkedIn looking for a Senior Risk and Compliance Officer to be based in London. The firm has specified that the candidate must have at least six years of experience in a compliance practice specializing in financial services in the UK.
On Monday, the company posted another job advertisement for a compliance officer based in London. The candidate will be expected to focus on various issues including money laundering reporting responsibilities. More importantly, Robinhood has announced a position to lead operations in London to help support the launch, optimization and expansion of its UK operations. Whilst other positions can be based outside of the UK, Operational Command is expected to be based in London.
The company has diversified its operations outside the US after increased regulatory scrutiny in the recent past caused by FTX’s implosion.
Robinhood is fleeing the hostile US market
In the past few years, Robinhood has found itself in a row with the US Securities and Exchange Commission for violating certain investment rules. At the end of 2020, Robinhood agreed to pay $65 million to settle charges brought by the SEC. Notably, the SEC charged Robinhood for directing its clients’ trading orders to other brokers and traders without the profits we disclosed.
“..Major trading firms try to profit from executing large volumes of retail buy and sell orders either by taking the other side of customer orders and exiting positions at a profit, which is also known as “absorbing,” or by directing orders to other market positions, “the Securities and Exchange Commission.” male.
Robinhood has also come under regulatory scrutiny in the wake of a meme stock craze involving GameStop Corp (NYSE:GME). Regulatory scrutiny recently prompted Robinhood to remove several crypto assets including Cardano (ADA), Solana (SOL), and Polygon (MATIC) from its platform. The decision to delist said crypto assets was due to Binance and Coinbase Global Inc (NASDAQ:COIN) fees for listing unregistered securities.
What does this mean for customers? Solana (SOL), Polygon (MATIC) and Cardano (ADA) holders will all receive detailed instructions on how to sell and/or withdraw their coins, where supported. (3/4)
– Robinhood (RobinhoodApp) June 9, 2023
However, Robinhood stated that it remains hopeful that the crypto market in the US will flourish once a clear regulatory framework is put in place.
Market forecast
Robinhood has a monthly active user count of about 11.8 million and a total of $78 billion in assets under custody. During the first quarter, Robinhood reported a 16% increase in net revenue to about $441 million. As a result, HOOD shares have gained about 54 percent year-to-date to trade at about $12.56 on Tuesday.
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