In the upcoming weeks, Robinhood Markets Inc. intends to introduce cryptocurrency trading in the European Union (EU) and brokerage services in the UK, according to its third quarter 2023 results.
According to the report, lower transaction-based revenues were somewhat offset by higher net interest and other income, which increased total net revenues by 29% year over year to $467 million.
This action follows the suspension of several cryptocurrency companies’ services for consumers in the United Kingdom due to new legislation that went into effect on October 8 and required the deployment of system modifications and clear risk warnings.
In contrast to the same quarter last year, the company’s cryptocurrency revenue decreased by 55% to $23 million, as reported in its most recent earnings report. Additionally, after-hours trading saw a 5.8% decline in the company’s shares.
June saw Robinhood discontinue trading for three cryptocurrencies: Cardano (ADA), Polygon (MATIC), and Solana (SOL). These cryptocurrencies were referred to as securities in SEC lawsuits against cryptocurrency exchanges such as Binance and Coinbase.