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08/11/2023   Robinhood (HOOD) to Expand Cryptocurrency Trading Into EU

The crypto trading platform for EU will open in "coming weeks," said the company.

ROBINHOOD app on a smartphone (Shutterstock)

ROBINHOOD app on a smartphone (Shutterstock)

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Robinhood (HOOD), the popular trading platform, plans to start EU crypto trading and U.K. brokerage operations in the coming weeks.

"With an experienced team in place, we will soon launch brokerage operations in the U.K.," Robinhood said in itsthird-quarterearnings statementon Tuesday. "As another step in global expansion, we are also planning to launch crypto trading in the EU following our U.K. launch," the firm added.

Robinhood said during the summer, that it waslooking to hire staffin the U.K. as it plans to expand into the region.

The move comes as some crypto firms have suspended serving U.K. customers thanks to new promotions rules that require crypto firms to provide clear risk labels and implement system changescame into effect on Oct. 8.

Robinhood also said in its earnings statement that its crypto-related revenue for the third quarter fell 55% to $23 million from the same quarter one year earlier.

In June, Robinhoodended supportfor all tokens named as securities in theSEC lawsuits against crypto exchanges Binance and Coinbase. Those tokens were Cardano (ADA), Polygon (MATIC) and Solana (SOL). The trading platform currently offers trading for15 different cryptocurrencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE) and avalanche (AVAX).