Share this article
Crypto Custody Firm Copper Withdraws U.K Registration Application
The decision is part of the company's strategic shift to focus on markets such as the U.S., Europe and the Middle East
Updated Dec 20, 2024, 10:31 a.m. Published Dec 20, 2024, 10:31 a.m.
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- Copper has withdrawn its application to become registered with the U.K.'s financial services regulator.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Digital asset custody firm Copper has withdrawn its application to become registered with the U.K.'s financial services regulator, the Financial Conduct Authority (FCA), the company said in a statement on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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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 Between January 10 2020 and December 1 2024, 69% of applications were withdrawn, according to data from the FCA.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.
Read more: Copper to Offer Custody Services for Tokenized Money Market Funds Such as BlackRock's BUIDL
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
