Robinhood changed his mind about launching ...

Robinhood changes its mind to launch an investment app in the UK
CONTENT

  • Robinhood UK launch postponed indefinitely

  • Trader’s suicide scandal attracts regulator’s attention

  • The company intends to pay more attention to its core services in the US

International consortium of news organizations developing transparency standards.

Robinhood changed his mind about launching ...

A stock investment app comes under fire in the US after a client commits suicide.

Robingood will not come to the UK

Controversial investment app Robinhood has postponed the launch of the service in the UK indefinitely, according to the Guardians. The company was blacklisted by American politicians due to the suicide of an unlucky trader.

Robinhood claims to “democratize finance” for millions of new traders. It offers the ability to allow them to buy and sell financial products without commission and with minimal start-up capital..

Robinhood changed his mind about launching ...

Echoes of tragedy

The service came under pressure in the US after Alex Kearns, a 20-year-old student, committed suicide last month. The young trader was sure that he owed the company $ 730,000. But he was wrong.

More than 250 thousand Britons lined up in anticipation of the launch of the service in the country.

However, Robinhood sent letters to people on the waiting list with the message that the start will have to be delayed due to the increased attention of regulators at home..

“We made the difficult decision to postpone our UK launch indefinitely,” Robinhood said..

Now the service is used by 13 million people, and its market value is estimated at $ 8.6 billion..

“We will soon close our waiting list and disable the UK website. The world has changed a lot in the past few months and we are adapting to it,” the company said in a statement.

Robinhood changed his mind about launching ...

Robinhood now intends to focus on strengthening its core US business and further investing in our core systems..

“Although we had to postpone global expansion, we will continue our work to democratize finance for all, and we look forward to the day we can bring this mission to the UK.”.

As a reminder, Robinhood received approval from the UK Financial Conduct Authority. The launch was originally planned for this spring..

Some UK employees will relocate to the US and the core team will remain in the UK. It is led by Vander Rutgers, former head of the TransferWise money transfer platform..

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