By Aisling Finn on Tuesday 21 July 2020
The trading platform first announced plans to launch in the UK in November 2019 and first delayed them in April of this year.
Investment platform Robinhood has today announced that it has scrapped plans to launch in the UK.
In an email sent to customers, Robinhood revealed that it had “made the difficult decision to postpone [its] UK launch indefinitely.”
Robinhood also noted that both its waitlist, which roughly 250,000 people had signed up to, and UK website would be removed imminently.
The note continued: “The world has changed a lot over the past several months and we’re adapting with it.”
“On a company level, we’ve come to recognise that our efforts are currently best spent on strengthening our core business in the US making further investments in our foundational system.”
Some customers reportedly lost hundreds of thousands of dollars and three class-action lawsuits, in California, Illinois and Florida, were launched against the trading app.