Robinhood obtained UK crypto registration on July 31, clearing the way for services before the FCA's new authorization process opens in September. The approval unlocks a key market.
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Robinhood has secured UK crypto registration, with its subsidiary added to the Financial Conduct Authority's register of cryptoasset firms on July 31, the company said.
The registration confirms Robinhood meets the FCA's anti-money laundering requirements, allowing it to offer crypto services under the existing framework. The UK plans to replace that regime with a new authorization process. Applications under the new system open at the end of September and close at the end of February next year, with full implementation scheduled for October 2027.
Robinhood's approval comes before the transition. Already registered firms may enter the new process with much of the groundwork in place, the announcement noted. More than 50 companies currently appear on the FCA's register, including Ripple, Kraken, BlackRock and BNY.
"Today marks the beginning of a new chapter for Robinhood, and we're excited to take the first important step towards bringing our investing platform to customers in the U.K.," Wander Rutgers, president of Robinhood International, said in the announcement.
The registration follows Robinhood's earlier statement that it planned to expand its crypto business into the UK. During its second-quarter earnings release on July 29, the company said it intended to launch cryptocurrency offerings in the country but did not give a timeline.
Robinhood's crypto business continued to expand even as trading activity softened in the second quarter. The company reported crypto transaction revenue of $100 million, down 38% from a year earlier. It also launched Robinhood Chain, introduced Stock Tokens in more than 120 countries, rolled out Robinhood Earn and completed its acquisition of WonderFi during the same period.
Total net revenue rose 32% year over year to $1.31 billion, supported by growth in event contracts, options and equities. Event contracts generated $156 million in revenue during the quarter, making them the company's fastest-growing transaction business.
Separately, the Wall Street Journal reported in July that Robinhood had discussed adding Crypto.com's event contracts to its prediction markets hub. Neither company confirmed an agreement, and the report said the talks could still end without a deal.
Robinhood has already expanded its prediction market network through Kalshi, ForecastEx and Rothera, the exchange it operates through a joint venture with Susquehanna International Group. Working with multiple exchanges helps provide customers with a wider selection of contracts while reducing dependence on a single supplier, the company said.
The UK's new crypto framework will replace the current registration system with a more comprehensive authorization process covering crypto firms operating in the country. The registration window under the new framework will remain open for a limited period before the new rules fully take effect in October 2027. Companies seeking to continue serving UK customers will need to obtain authorization under that system.
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