Robinhood Markets lists three positions for the UK market, including a compliance officer, head of operations, and senior risk and compliance assistant.
Robinhood Markets is preparing to enter the UK market, according to LinkedIn job postings over the past two weeks. It is worth noting that Robinhood has been posting new positions for the UK market to expand its business. Two weeks ago, Robinhood posted a job ad on its LinkedIn, looking for a Senior Risk and Compliance Assistant based in London. The company stipulates that candidates should have at least six years of compliance practice experience specializing in financial services in the UK.
On Monday, the company posted another job ad for a London-based compliance officer. Candidates are expected to focus on several issues, including money laundering reporting responsibilities. On top of that, Robinhood announced a job ad for a London-based head of operations to help support the launch, improvement, and expansion of its business in the UK. While other positions can be based outside of the UK, the head of operations is expected to be based in London.
More recently, FTX’s implosion has sparked increased regulatory scrutiny, prompting the company to diversify its operations outside the U.S.
Robinhood flees a hostile U.S. market
Over the past few years, Robinhood has been at odds with the SEC for violating certain investment rules. In late 2020, Robinhood agreed to pay $65 million to settle charges brought by the SEC. Notably, the SEC accused Robinhood of transferring its customers’ trading orders to other broker-dealers without our disclosed profits.
The SEC noted that “..major trading firms sought 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 (also known as ‘internalization’), or by routing orders to other market centers”.
Robinhood has also come under scrutiny from regulators following the meme stock frenzy involving GameStop Corp. Regulatory scrutiny recently prompted Robinhood to delist multiple crypto assets including Cardano (ADA), Solana (SOL), and Polygon (Matic) from its platform. The decision to delist the aforementioned crypto assets was made by Binance and Coinbase Global for listing unregistered securities.
Still, Robinhood said the U.S. cryptocurrency market is expected to thrive once a clear regulatory framework is in place.
Market Outlook
Robinhood reportedly has approximately 11.8 million monthly active users and $78 billion in total assets under custody. Robinhood announced a 16% increase in first quarter net revenue to approximately $441 million. As a result, HOOD stock has risen approximately 54% year-to-date and was trading at approximately $12.56 on Tuesday.
