- Copper withdraws its UK crypto license application amidst increasing competition of financial hubs in the country.
- Copper moves to expand its services in the US, Europe, and the Middle East regions.
Crypto custody firm Copper Technologies withdrew its application to get a UK crypto license. The news came to light when Bloomberg reported on the company’s decision to withdraw its application today. The company stated the reason behind its withdrawal as its shift in priorities of the new CEO.
The company’s former UK Chancellor of the Exchequer Philip Hammond mentioned that the UK withdrawal no longer fits in the company’s future business trajectory. Its new CEO Amar Kuchinad believes refining the company’s global growth strategy is his priority. Furthermore, they are necessitating key decisions on their direction and approach for the firm’s future growth plans.
Copper Technologies Focuses on Other Jurisdictions
The UK-based crypto custody firm focuses on the US expansion, considering the favorable market conditions in the country with Trump as its president. The new CEO elaborated on his plans to lead the next phase of Copper’s global growth strategy during his speech upon becoming the CEO of Copper in October this year. Kuchinad even outlined the plans to pursue regulatory custodial or money transmitter licenses in the United States.
Former UK Prime Minister Rishi Sunak ambitioned to make the “UK a global hub for crypto asset technology.” However, the UK is facing extreme competition from other global financial hubs that are attracting crypto asset firms. In particular, Trump’s election as the President and his stance on crypto is drawing attention from all the major crypto firms across the globe.
Additionally, Kuchinad believes that withdrawal of the application to get a license from the UK FCA is the right decision for their business. And, they are now going to focus on the growth in their priority markets such as the US, Europe, and the Middle East regions.
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