The post Robinhood Expands Crypto Trading to EU Markets Despite a 26% Slide in Cryptocurrency Revenue appeared first on Coinpedia Fintech News Robinhood, a well-known online brokerage platform, has announced plans to launch cryptocurrency trading in the European Union “in the com...
Robinhood, a well-known online brokerage platform, has announced plans to launch cryptocurrency trading in the European Union “in the coming weeks”, according to its third-quarter earnings report.
Reports Shows Decrease in Crypto Trading Revenue
“Looking ahead, we remain focused on providing industry-leading products that serve far more of customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better,” Vlad Tenev, CEO and cofounder, said in a statement.”
Expansion of Crypto Trading in Europe
Robinhood is reportedly planning to expand its cryptocurrency trading into Europe. The firm announced its expansion into the U.K. earlier this year. Despite a decline in revenue from crypto trading in the third quarter of 2023, the company aims to expand further in the crypto market. This follows the unveiling of Robinhood’s crypto wallet in 2022 and its scaling back of offerings in the U.S. due to enforcement actions from the Securities and Exchange Commission. Robinhood’s expansion into Europe represents a bold move as the company seeks to increase its presence in the global crypto market.
Robinhood Faces Regulatory Obstacles to Crypto Business Expansion
Robinhood has delisted the tokens from its crypto trading platform, according to recent reports. The move comes as the company seeks to distance itself from market makers like Jump Crypto, one of the largest providers of liquidity to the crypto market. The decision to terminate the business relationship follows increased scrutiny from the SEC over Jump Crypto’s association with TerraUSD’s creator, Do Kwon. Robinhood has not yet commented on the decision to remove the tokens from its platform.