Robinhood announced today (Tuesday) that its services are now available in Spain. In an announcement on X, the US-based commission-free stock trading and investing app welcomed Spanish users to access trading, staking, and investment services under the Robinhood Crypto EU platform.

Expanding Services in the EU

This announcement comes more than a year, since the company unveiled a detailed plan about expanding its services in the European Union. The plan also included rolling out services in the United Kingdom.

In the announcement, Vlad Tenev, the CEO and Co-Founder of Robinhood Markets, said: “Looking ahead, we remain focused on providing industry-leading products that serve far more of customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better.”

Robinhood’s latest expansion comes amid the implementation of the Markets in Crypto-Assets (MiCA) regulations in the region. The regulations, which are intended to provide clarity in the digital asset space, have also attracted other major industry players.

Last year, Robinhood announced plans to expand services into the Asian market. According to the company, the plan entails setting up a regional base in Singapore. The announcement followed its move to enter the United Kingdom and Europe.

The company introduced crypto trading and regular brokerage services in the UK earlier last year. But even as it rolls out an expansion plan, the NASDAQ-listed firm recently faced a backlash at home.

Global Expansion amid Regulatory Challenges

This month, Robinhood agreed to pay $45 million in penalties to settle a range of charges brought by the US Securities and Exchange Commission. The regulator accused the firm of violating recordkeeping procedures, among other issues. Two Robinhood entities were penalized: Robinhood Securities will pay $33.5 million, and Robinhood Financial will pay $11.5 million.

According to the SEC, the firm did not investigate suspicious transactions, implement policies and procedures to prevent customers’ identity theft, address risks of cybersecurity threats, maintain and preserve electronic communications, maintain copies of core operational databases, and retain some of its communications with brokerage customers.

This article was written by Jared Kirui at www.financemagnates.com.Retail FXRead More

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