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Home  ›  Robinhood Delay UK App Launch Due To Controversy

Robinhood Delay UK App Launch Due To Controversy

Written By Monday, January 17, 2022 Add Comment Edit

Many beginner traders in the UK were looking forward to the UK set in motion of Robinhood, an investment app that claims to be democratising finance for millions of traders. Nonetheless, after cladding pressure from U.S.A authorities and politicians, the app has announced it will be delaying its UK launch.

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The main use of the Robinhood app, which has o'er 13 million US users, is to countenance new traders to buy and sell financial products without depositing a minimum sum or compensable commission.

The current waiting list for the app in the UK has over 250,000 people, many of whom were looking forward to the app being launched afterward this yr.

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Individuals on the waiting list were greeted this week with a message from Robinhood explaining the app launch would atomic number 4 slow.

The email learn, "We're saddened to portion out that we've successful the difficult decision to postpone our UK launch indefinitely… We'll be closing our waitlist and pickings land our UK website shortly.

The human beings has exchanged a lot terminated the past several months and we're adapting with it."

The app, presently valued at $8.6bn, received very much of media and political attention after a 20-year-old US user, student Alex Kearns, killed himself in June.

Kearns is believed to have killed himself due to erroneously believing He had lost $730,000 (£575,000) connected the app.

Kearns, unfortunately, seemed to misunderstand the app, due to lack of trading knowledge as his account was actually up $16,000 at the time of his decease.

Robinhood has received blessing from the FCA (Fiscal Conduct Authority) and was expected to plunge in Spring 2020.

Although the launch delay is 'indefinite', there is hope for UK residents who programme to use the app as Robinhood also stated in their email;

"although our spherical expansion plans are on hold for now, we leave keep our work to democratise finance for all and we look forward to the day when we can bring this mission to the United Kingdom."

Existing Robinhood employees in the UK are expected to move to the US, while a team of skeleton employees will remain in the UK under the gui&ce of Swan Rutgers, former TransferWise executive.

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Source: https://www.daytrading.com/robinhood-delay-uk-app-launch-due-controversy

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