Robinhood CEO criticizes UK over ‘backwards’ crypto stance

Robinhood co-founder and CEO Vlad Tenev commented on the UK’s aggressive strategy to crypto, particularly in comparison with playing.

In an interview with the Instances, Tenev expressed his need to broaden Robinhood’s operations into Britain, highlighting its potential to develop into a “monetary home within the British market.”

Robinhood first began providing shares on the UK market final 12 months. The crypto-focused monetary firm opened its margin buying and selling final month, giving prospects the chance to put even greater bets by taking out loans with the corporate.

“That is fairly clear [British] prospects love the product and wish to carry all their monetary actions to Robinhood,” stated Tenev.

When requested if he’s involved that UK laws will hinder the corporate’s market growth on account of latest crypto considerations, Tenev stated he’s largely unconcerned. He even underlined how “backwards” their stance is on crypto, as playing is a a lot greater downside within the nation, and but it isn’t mentioned as typically as crypto.

“I believe individuals ought to have the ability to do what they need. However at a coverage degree, I simply discover it unusual that, like, ‘playing will proceed, however out of the blue, with crypto and margin buying and selling, we’d have an issue with that.’ That simply appears backwards to me,” stated Tenev.

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Tenev’s remark was a direct reference to a remark made by NHS England Chief Govt Amanda Pritchard about unregulated crypto buying and selling websites. In June, the NHS revealed that extra younger males are in search of remedy at NHS clinics after turning into “addicted” to crypto buying and selling, with the well being service calling for motion towards “unregulated cryptocurrency websites.”

“The service is frequently adapting to actual and rising social wants, together with the growing reputation of cryptocurrencies that I realized about once I visited one in every of our 15 playing hurt clinics earlier this 12 months,” Pritchard stated in a separate Instances article.

Britain has taken a a lot more durable stance towards crypto, particularly in comparison with the USA, with newly elected President Trump’s rising assist for the crypto business.

It was just lately reported that Britain would introduce legal guidelines regulating stablecoins, after regulators raised considerations concerning the stability and transparency of digital property comparable to Bitcoin (BTC).

On October 21, Val Smith, head of funds and digital property on the UK Monetary Conduct Authority, argued that the company’s choice to implement a strict registration course of for crypto firms is critical for client safety.

Statistics confirmed that greater than 87% of crypto registration makes an attempt have been rejected, revoked or denied by regulators.

Smith stated the FCA consultants are taking a cautious strategy on account of crypto’s potential for use as a device to facilitate unlawful actions, highlighting the dangers of terrorism, organized crime and human trafficking.

Learn extra: FCA is doubling down on its aggressive crypto stance to fight cash laundering