Commission-free stock trading app Robinhood has postponed its UK launch indefinitely, the firm has announced.

The $8.6bn US financial services company offers a mobile app and website that offer people the ability to invest in stocks, ETFs, and options through Robinhood Financial and crypto trading through Robinhood Crypto.

The firm opened a waitlist for UK customers last year, and was rumoured to have begun recruitment in London.

But this week the firm wrote to people on its UK waitlist to announce the indefinite postponement, and the close of its UK website.

The company wrote in an email to its UK users: “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 and making further investments in our foundational systems.”

“Since we announced our intent to launch in the UK, we’ve been fueled by your excitement for Robinhood and humbled by your response. We’re sorry that we cannot deliver the product we promised you this year.”

The firm said that while there is currently no plans for a UK launch, it will looks look forward “to the day when we can bring this mission to the UK.”