Copper Withdraws Application to Register with UK’s Financial Conduct Authority
Company’s Strategic Shift Leads to Withdrawal
Copper, a digital asset custody firm, has withdrawn its application to register with the UK’s Financial Conduct Authority (FCA), the company announced in a statement on Friday.
The company, chaired by former UK Chancellor of the Exchequer Philip Hammond, cited a strategic shift as the reason for withdrawing its application. According to Copper, the UK registration no longer fits the company’s future business trajectory.
New Strategy Focuses on International Opportunities
Recently, Copper announced a new strategy that focuses on international opportunities. The company has appointed Amar Kuchinad as its new global CEO, who has been tasked with leading the firm’s global growth strategy, with a focus on strengthening the company’s US presence.
Withdrawal Reflects Company’s Refocus on Priority Markets
Copper’s withdrawal from the registration process in the UK reflects the company’s refocus on priority markets, including the US, Europe, and the Middle East. The company aims to capitalize on opportunities in these regions.
69% of Crypto Companies Withdraw Applications in 2020-2024
Copper is not the only crypto company to withdraw from the registration process in the UK. According to data from the FCA, between January 10, 2020, and December 1, 2024, 69% of applications were withdrawn.
CEO Comments on Withdrawal
“Withdrawing our application to register as a cryptoasset institution in the UK is the right decision for our business, and reflects our refocus on driving growth in priority markets,” said Amar Kuchinad, CEO of Copper, in the release.
Custody Services for Tokenized Money Market Funds
Copper started offering clients secure custody and trading of tokenized money market funds, such as BlackRock’s BUIDL, in October.
Conclusion
Copper’s withdrawal from the FCA registration process reflects the company’s strategic shift towards international opportunities. The company’s new strategy focuses on priority markets, including the US, Europe, and the Middle East. With a strong global growth strategy in place, Copper aims to capitalize on opportunities in these regions.
FAQs
Q: Why did Copper withdraw its application to register with the FCA?
A: Copper withdrew its application due to a strategic shift, which no longer aligns with the company’s future business trajectory.
Q: What is Copper’s new strategy?
A: Copper’s new strategy focuses on international opportunities, with a focus on strengthening the company’s US presence.
Q: What are Copper’s priority markets?
A: Copper’s priority markets include the US, Europe, and the Middle East.
Q: What services does Copper offer?
A: Copper offers secure custody and trading of tokenized money market funds, such as BlackRock’s BUIDL.
Q: What percentage of crypto companies withdrew applications from the FCA registration process between 2020 and 2024?
A: 69% of applications were withdrawn between January 10, 2020, and December 1, 2024.
