The US-based company said Tuesday that the UK debut of its product has been postponed indefinitely, and all global expansion plans have been put on hold.
“The world has changed a lot over the past several months and we’re adapting with it,” Robinhood said in an email to those who had added their names to a waitlist. “On a company level, we’ve come to recognize that our efforts are currently best spent on strengthening our core business in the US and making further investments in our foundational systems.”
The company first announced that it would expand in the United Kingdom in November 2019. It initially said it would to launch in the country in early 2020.
Robinhood has said it will work with lawmakers and announced plans to improve its user interface, particularly around options trading.
“We are personally devastated by this tragedy,” Vlad Tenev and Baiju Bhatt, Robinhood’s co-CEOs, wrote in a blog post last month.
Still, it’s managed to attract significant interest from investors. Earlier this month, Robinhood raised another $320 million, giving it a valuation of $8.6 billion.