UK-based crypto firm Copper Technologies withdrew its registration to the FCA. Instead, its new CEO wants to shift the custodian’s focus towards securing operating licenses in the US and other countries.
According to a Bloomberg report, crypto custodian firm Copper Technologies withdrew its registration from the U.K. Financial Conduct Authority on Dec. 20. The firm stated it will shift its focus towards expanding their overseas operations under its newly appointed CEO, Amar Kuchinad.
Kuchinad took up the mantle of CEO in October after Copper’s former CEO, Dmitry Tokarev, stepped down. After being appointed, he told Bloomberg that the company plans to enter the U.S markets if Trump ends up winning the Presidential race in November. Now that he has ushered in a more pro-crypto administration, Kuchinad said that the company will apply for regulatory custodial or money-transmitter licenses in the U.S.
“Refining Copper’s global growth strategy has been my priority since joining, and this has necessitated key decisions on our direction and approach,” said Kuchinad, who is mostly based in New York.
Copper not only has its sights set on America, the crypto firm is also planning to apply for licenses and regulated approval in crypto-friendly regions like Hong Kong, Switzerland and Abu Dhabi.
Copper Technologies is one of the largest crypto firms in the U.K. Chaired by former UK Chancellor of the Exchequer Philip Hammond, the custodian firm’s main office has been located in London since it was found in 2018.
Cooper failed to obtain a permanent registration with the FCA when the UK financial regulators renewed their crypto asset registry in 2022. Since then, the crypto firm has been focusing on its overseas operations.
As previously reported by crypto.news, the UK FCA has been working towards finalizing crypto regulations by 2026. Most recently, the financial regulator have outlined new restrictions that could potentially halt the development of the crypto industry in the U.K.
These potential new regulations include prohibiting public crypto offerings, with the possible exception of already well-established trading platforms or the use of specific regulatory waivers.
