- Copper has withdrawn its application to register in the UK.
- The crypto custody firm first failed to register in 2022 amid changes around crypto asset firms by the UK’s Financial Conduct Authority.
Copper Technologies Ltd., a UK-based crypto custody company, has abandoned its application to register with the Financial Conduct Authority (FCA).
According to a report on Friday, the London-headquartered firm — chaired by former UK Chancellor of the Exchequer Philip Hammond — has opted to pursue an overseas footprint instead. The move supports Copper’s plans to grow internationally, with new CEO Amar Kuchinad leading the expansion effort.
Founded in 2018, Copper has become one of the United Kingdom’s most prominent crypto-focused businesses.
The company’s international push picked up pace after it did not secure FCA registration in 2022. Since then, Copper has obtained licenses or regulatory approvals in Switzerland, Hong Kong, and Abu Dhabi in the United Arab Emirates.
Copper has also announced intentions to expand into the United States, a decision influenced by expectations of a more crypto-friendly regulatory environment under President Donald Trump.
Firms failed to meet regulatory standards
Copper’s decision to withdraw its FCA application coincides with the regulator’s report that a large majority of crypto firms seeking authorization did not meet required standards. In its September annual report, the FCA said about 90% of applications were affected by the assessment.
The FCA found that roughly 87% of applicants were either rejected or withdrew, with many failures linked to inadequate anti-money laundering controls. Over the last year the UK regulator approved only four crypto firms, rejected nine applications, and saw 15 withdrawn. The FCA reported that 44 crypto firms had secured money laundering registration as of its latest annual report.
“We recognise the importance of providing an effective and efficient authorisations service if we want the UK to be the best place in the world for financial services to thrive. We continue to play a leading role internationally by shaping the global standards on crypto, sustainability, and non-bank finance to name but a few,” said Nikhil Rathi, chief executive officer of the FCA.