Robinhood Gains FCA Approval For UK Crypto Services

Robinhood has secured approval from the Financial Conduct Authority (FCA) to offer crypto services in the United Kingdom. This regulatory update has caused Robinhood's stock price to rise, with HOOD shares trading at $87.23, up 0.77% in premarket trading on Monday, August 3.

The FCA registration enables Robinhood's UK business to operate legally and meet UK anti-money laundering (AML) requirements while providing crypto-related services. This is part of the regulator's framework for registering companies that offer cryptocurrency services, which was unveiled in 2020.

Ripple and Kraken are among the big digital asset companies listed on the FCA's crypto register, along with traditional financial institutions such as BlackRock and BNY Mellon.