Robinhood Gets Green Light to Offer Crypto Services in UK Ahead of New Regulations

Roger Ver may not be pleased, but another American crypto platform has just become fully compliant in the UK. Robinhood's UK arm was officially registered by the Financial Conduct Authority (FCA) on July 31, clearing the way for it to offer cryptocurrency services in the country. This existing FCA registration means that the company meets the regulator's anti-money laundering requirements.

The list of approved crypto companies now stands at over 50, including notable names such as Ripple and Kraken. However, this authorization process takes on added significance ahead of the more comprehensive framework for crypto regulation in the UK kicking in next month. A registration window opens on September 30 and closes on February 28, with full regulatory approval set to come into force on October 1.

Those firms already registered under the FCA's existing regime may have a head start on this new process, as the relatively brief window for companies to register means they've likely done much of the heavy lifting in advance. This is significant, given that the regulatory burden will undoubtedly increase with the new framework.