Robinhood Markets Inc. plans to launch UK brokerage services and crypto trading in the European Union (EU) in the coming weeks, as per its third quarter 2023 results.
The report stated, “Total net revenues increased 29% year-over-year to $467 million, primarily due to higher net interest and other revenues, partially offset by lower transaction-based revenues.”
This move comes after some crypto companies suspended their services for U.K. customers due to new regulations that mandate clear risk warnings and the implementation of system changes, which became effective on October 8.
According to the company’s recent earnings report, its revenue in crypto dropped by 55% to $23 million compared to the same quarter the previous year, and its shares dropped by 5.8% in after-hours trading.
In June, Robinhood stopped allowing trading for certain cryptocurrencies, namely Cardano (ADA), Polygon (MATIC), and Solana (SOL), which were called securities in the legal actions by the SEC against crypto exchanges like Binance and Coinbase.
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