Cryptocurrency-friendly trading platform Robinhood is moving forward with plans to launch services in the United Kingdom with a new major local appointment.
Robinhood has appointed former Barclays executive Jordan Sinclair as the new CEO of its United Kingdom entity, according to data from the Financial Conduct Authority.
According to FCA, Sinclair was approved by the authority to perform the CEO role at Robinhood’s U.K. arm on July 18.
Prior to joining Robinhood, Sinclair was a managing director at the European fintech firm Freetrade for 13 months, according to his LinkedIn profile. He also worked as a director of group strategy at the financial firm Barclays and a corporate banker at Wells Fargo.
The latest hiring comes in line with Robinhood’s long-running plans to launch a platform in the United Kingdom. Robinhood’s U.K. expansion has been rumored since at least early 2019 but has been delayed multiple times. In April 2022, Robinhood renewed its expansion plans by acquiring the British crypto firm Ziglu.
Local reports in mid-July suggested that Robinhood had started the process of hiring key executives for its U.K. business. The firm reportedly expects to launch its service in the U.K. by the end of 2023.
Robinhood’s entrance to the U.K. comes amid United States regulators continuing to scrutinize major cryptocurrency firms. The U.S. Securities and Exchange Commission is currently pursuing multiple cases related to crypto firms in the country, including against companies like Coinbase, Ripple, Binance.US and others.
As a major crypto platform in the United States, Robinhood has also faced action by the SEC. In February, Robinhood Markets received an investigative subpoena from the SEC over its digital asset business’ crypto listings, custody and platform operations. In June, Robinhood announced plans to cease support for coins like Cardano’s ADA (ADA), Polygon’s MATIC (MATIC) and Solana’s SOL (SOL) after the SEC labeled them unregistered securities.
Sir Keir Starmer continues to face the threat of a major rebellion during a key vote on welfare reforms later – despite making last-minute concessions to disgruntled Labour MPs.
Work and Pensions Secretary Liz Kendall has confirmed that all existing claimants of the personal independence payment (PIP), the main disability benefit, will be protected from changes to eligibility.
The combined value of the standard Universal Credit allowance and the health top-up will rise “at least in line with inflation” every year of this parliament.
And an additional £300m for employment support for sick and disabled people in 2026 has been announced, which will rise every year after.
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10:54
Welfare cuts ‘needed to be made’
Ms Kendall has also promised that a consultation into PIP – “co-produced” with disabled people – will be published next autumn.
She said the U-turn on welfare cuts will cost taxpayers about £2.5bn by 2030 – less than half the £4.8bn the government had expected to save with its initial proposals.
But after announcing the U-turns, Labour MPs were still publicly saying they could not back the plans as they do not go far enough to allay their concerns.
Disabilities minister Stephen Timms would not say he was “confident” the proposals would pass the Commons when asked on Sky News’ Politics Hub with Sophy Ridge.
“We’ve got a very strong package, I certainly hope it passes,” he replied.
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‘Disabled people thrown under the bus’
A total of 86 charities united yesterday to call on MPs to reject the reforms, saying they will harm disabled people and calling it “a political choice”.
The likes of Oxfam, Child Action Poverty Group, Mind and Shelter said the bill has been brought to a vote without consulting disabled people and without any assessment “of its impact on health and employment outcomes”.
When asked to name “a single” disability organisation in favour of the reforms, Ms Kendall declined to do so.
Several Labour MPs indicated they would still vote against the changes, leaving the government in the dark over how big a rebellion it still may face.
Ms Kendall tried to allay their fears, telling MPs: “I believe we have a fair package, a package that protects existing claimants because they’ve come to rely on that support.”
Richard Burgon presented a petition to parliament yesterday evening against the cuts, signed by more than 77,000 people.
Several Labour MPs questioned why the vote was going ahead before the review into PIP is published – including Rachael Maskell, who said she could not “countenance sick and disabled people being denied support” and added: “It is a matter of conscience.”
Connor Naismith said the concessions “undoubtedly improve efforts to secure welfare reform which is fair”, but added: “Unfortunately, I do not believe these concessions yet go far enough.”
Image: Labour rebel Nadia Whittome said the government was ‘ignoring’ disabled people
Nadia Whittome accused the government of “ignoring” disabled people and urged ministers to go “back to the drawing board”.
Ian Byrne told the Commons he will vote against the “cruel cuts” to disability benefits because the “so-called concessions go nowhere near far enough”.
The vote will take place this evening, with coverage on Sky News’ Politics Hub live blog and on TV.
Other crypto firms are also reportedly considering applying for a national bank charter, following in the footsteps of Anchorage Digital Bank, which received a license in 2021.
A lower court ruling will stand in a case involving a Coinbase user who filed a lawsuit against the IRS after the crypto exchange turned over transaction data.