Digital asset custody agency Copper has withdrawn its utility to grow to be registered with the U.Ok.’s monetary companies regulator, the Monetary Conduct Authority (FCA), the corporate mentioned in a press release on Friday.
The corporate chaired by former U.Ok. Chancellor of the Exchequer Philip Hammond mentioned the choice to withdraw was a part of the corporate’s strategic shift, and that U.Ok. registration now not fitted the corporate’s future enterprise trajectory.
The London-based custodian just lately introduced a brand new technique extra centered on worldwide alternatives.
It appointed Amar Kuchinad as its new international CEO in October. He has been tasked with main the agency’s international development technique, with a give attention to strengthening the corporate’s U.S. presence.
Copper is not the one crypto firm to withdraw from the registration course of within the U.Ok.. Between January 10 2020 and December 1 2024, 69% of functions have been withdrawn, in response to information from the FCA.
The custody agency mentioned it will look to capitalize on alternatives throughout precedence markets, such because the U.S., Europe and the Center East.
“Withdrawing our application to register as a cryptoasset institution in the U.K. is the right decision for our business, and reflects our refocus on driving growth in priority markets,” mentioned Amar Kuchinad, CEO of Copper, within the launch.
Copper began providing shoppers safe custody and buying and selling of tokenized cash market funds comparable to BlackRock’s BUIDL, the corporate mentioned in October.
Learn extra: Copper to Supply Custody Providers for Tokenized Cash Market Funds Comparable to BlackRock’s BUIDL
