Digital asset custody firm Copper has withdrawn its application to become registered with the U.K.'s financial services regulator, the Financial Conduct Authority (FCA).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 announced this decision in a statement on Friday.
The firm, which is chaired by Philip Hammond, stated that the move was part of a larger strategic shift and that U.K. registration no longer aligned with its future business trajectory.
In recent months, Copper has focused on enhancing its international presence, particularly in markets such as the U.S., Europe, and the Middle East. In October, Amar Kuchinad was appointed as the new global CEO, tasked with spearheading this growth strategy.
Copper isn't alone in this withdrawal; between January 10, 2020, and December 1, 2024, 69% of crypto registration applications were retracted, according to data from the FCA.
"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.
The custody firm has also begun offering secure custody and trading of tokenized money market funds like BlackRock's BUIDL.
