A previous period of gains in the cryptocurrency world saw Bitcoin (BTC) rise in value, which hasn’t gone unnoticed by investors and trading platforms alike, with news of Robinhood launching BTC and crypto trading in the EU and UK.
The commission-free trading app enabling investors to trade stocks, options, popular cryptocurrencies, and ETFs has expanded its offerings in response to the increasing competition in the market.
In the most recent expansion of its offerings, this company has decided to extend its services to EU and UK traders. As reported by Robinhood in their Q3 report on November 7.
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The report saw this trading platform’s shares dipping approximately 10% post-announcement, reflecting more cautious investor responses that may be the reasoning behind this future expansion into new markets to stave off drawbacks from the previous adverse events.
With the news of a potential Bitcoin exchange-traded fund (ETF) approval in the U.S. in January and a Bitcoin halving event scheduled for the spring of 2024, this move does not surprise, as more investors are looking to capitalize on the recent bullish movements of digital assets.
Reasoning behind this move
Earlier in June, Robinhood shifted to a more cautious approach by discontinuing support for cryptocurrencies such as Solana, Polygon, and Cardano. This move was influenced by the SEC’s examination of Coinbase and Binance, which raised concerns about certain crypto assets being considered unregistered securities.
Additionally, early this year, in January, the Robinhood X account experienced a hacking breach that saw it promoting a token that didn’t exist and was perpetrated as a scam for those who were unsuspecting.
