Digital asset custody company Copper has withdrawn its application to register with the UK’s financial services regulator, the Financial Conduct Authority (FCA), the company said in a statement on Friday.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 UK registration no longer fit the company’s future business trajectory. .
The London-based custodian recently announced a new strategy more focused on international opportunities.
In October it named Amar Kuchinad as its new global chief executive. He has been tasked with leading the company’s global growth strategy, focusing on strengthening the company’s presence in the United States.
Copper is not the only cryptocurrency company to withdraw from the UK registration process. Between January 10, 2020 and December 1, 2024, 69% of applications were withdrawn, according to FCA data.
The custody firm said it would look to capitalize on opportunities in priority markets, such as the United States, 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 new focus on driving growth in priority markets,” Copper CEO Amar Kuchinad said in the statement.
Copper began offering its clients secure custody and trading of tokenized money market funds like BlackRock’s BUIDL, the company said in October.
Read more: Copper to Offer Custody Services for Tokenized Money Market Funds Like BlackRock’s BUIDL
