The decision is part of the company's strategic shift to focus on markets such as the U.S., Europe and the Middle East
What to know:
- Copper has withdrawn its application to become registered with the U.K.'s financial services regulator.
- The company said that registration in the U.K. no longer fitted with its future business plans.
Digital asset custody firm Copper has withdrawn its application to become registered with the U.K.'s financial services regulator, the Financial Conduct Authority (FCA), the company said in a statement on Friday.
The company chaired by former U.K. Chancellor of the Exchequer Philip Hammond said the decision to withdraw was part of the company's strategic shift, and that U.K. registration no longer fitted the company's future business trajectory.
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The London-based custodian recently announced a new strategy more focused on international opportunities.
It appointed Amar Kuchinad as its new global CEO in October. He has been tasked with leading the firm's global growth strategy, with a focus on strengthening the company's U.S. presence.
Copper isn't the only crypto company to withdraw from the registration process in the U.K.. Between January 10 2020 and December 1 2024, 69% of applications were withdrawn, according to data from the FCA.
The custody firm said it would look to capitalize on opportunities across priority markets, such as the U.S., Europe and the Middle 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," said Amar Kuchinad, CEO of Copper, in the release.
Copper started offering clients secure custody and trading of tokenized money market funds such as BlackRock's BUIDL, the company said in October.
