Digital asset custodian firm Copper has withdrawn its application for registration with the Financial Conduct Authority (FCA), the UK’s financial services regulator, the company said in a statement on Friday.
The company, chaired by former UK Chancellor of the Exchequer Philip Hammond, said the decision to withdraw was part of the company’s strategic shift and that a UK listing was no longer relevant to the company’s future business trajectory.
The London-based custodian recently announced a new strategy focused more on international opportunities.
This is appointed Amar Kuchinad as its new global CEO in October. He is tasked with leading the firm’s global growth strategy with a focus on strengthening the company’s presence in the US.
Copper is not the only crypto company to exit the UK registration process. According to information, from January 10, 2020 to December 1, 2024, 69% of applications were withdrawn. data from FCA.
The security firm said it will seek to take advantage of opportunities in priority markets such as the US, Europe and the Middle East.
“Withdrawing our application to register as a crypto asset institution in the UK is the right decision for our business and reflects our focus on growth in our priority markets,” said Amar Kuchinad, CEO of Copper.
In October, the company announced that Copper began offering clients safe custody and trading of tokenized money market funds, such as BlackRock’s BUIDL.
Read more: Copper offers custodial services for Tokenized Money Market Funds such as BlackRock’s BUIDL
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