Digital asset custody agency Copper has withdrawn its utility to turn out to be registered with the U.Okay.’s monetary companies regulator, the Monetary Conduct Authority (FCA), the corporate stated in an announcement on Friday.
The corporate chaired by former U.Okay. Chancellor of the Exchequer Philip Hammond stated the choice to withdraw was a part of the corporate’s strategic shift, and that U.Okay. registration not fitted the corporate’s future enterprise trajectory.
The London-based custodian not too long ago introduced a brand new technique extra centered on worldwide alternatives.
It appointed Amar Kuchinad as its new world CEO in October. He has been tasked with main the agency’s world development technique, with a deal with strengthening the corporate’s U.S. presence.
Copper is not the one crypto firm to withdraw from the registration course of within the U.Okay.. Between January 10 2020 and December 1 2024, 69% of functions have been withdrawn, in response to information from the FCA.
The custody agency stated it could 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,” stated Amar Kuchinad, CEO of Copper, within the launch.
Copper began providing shoppers safe custody and buying and selling of tokenized cash market funds resembling BlackRock’s BUIDL, the corporate stated in October.
Learn extra: Copper to Supply Custody Providers for Tokenized Cash Market Funds Similar to BlackRock’s BUIDL
