Robinhood Delay Uk App Launch Due To Controversy

  • on February 2, 2021
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Many novice traders inward the Britain were looking forwards to the United Kingdom of Great Britain and Northern Ireland launch of Robinhood, an investment app that claims to be democratising finance for millions of traders. However, after facing force per unit area from the States regime in addition to politicians, the app has announced it volition be delaying its U.K. launch.

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The primary office of the Robinhood app, which has over 13 one thousand thousand the States users, is to permit new traders to purchase as well as sell fiscal products without depositing a minimum heart or paying commission.

The current waiting listing for the app in the UK has over 250,000 people, many of whom were looking forrard to the app being launched after this twelvemonth.

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Individuals on the waiting listing were greeted this calendar week with a message from Robinhood explaining the app launch would be delayed.

The e-mail read, “We’re saddened to portion that we’ve made the difficult determination to postpone our United Kingdom of Great Britain and Northern Ireland launch indefinitely… We’ll live closing our waitlist in addition to taking down our United Kingdom website presently.

The earth has changed a lot over the past several months in addition to we’re adapting with it.”

Media Focus

The app, currently valued at $8.6bn, received a lot of media and political attention afterwards a xx-year-sometime United States user, pupil Alex Kearns, killed himself in June.

Kearns is believed to accept killed himself due to mistakenly believing he had lost $730,000 (£575,000) on the app.

Kearns, unfortunately, seemed to misunderstand the app, due to lack of trading cognition equally his business relationship was really upward $16,000 at the time of his expiry.

Robinhood has received blessing from the FCA (Financial Conduct Authority) too was expected to launch in Spring 2020.

Although the launch delay is ‘indefinite’, at that place is promise for U.K. residents who plan to purpose the app equally Robinhood besides stated in their email;

although our global expansion plans are on hold for now, nosotros volition proceed our operate to democratise finance for all as well as we await frontward to the mean solar day when we can take this mission to the Britain.”

Existing Robinhood employees in the UK are expected to act to the United States, spell a squad of skeleton employees will rest inward the U.K. under the guidance of Wander Rutgers, erstwhile TransferWise executive.

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