Copper Technologies cancels U.K. registration in favor of global expansion

UK-based crypto company Copper Technologies has withdrawn its registration with the FCA. Instead, the new CEO wants to shift the depository’s focus to securing operating licenses in the US and other countries.

According to a Bloomberg report, crypto custody company Copper Technologies withdrew its registration with the UK Financial Conduct Authority on December 20. The company stated that it will focus on expanding its overseas operations under the management of its newly appointed CEO, Amar Kuchinad.

Kuchinad took over as CEO in October following the resignation of Copper’s former CEO, Dmitry Tokarev. After his appointment, he told Bloomberg that the company plans to enter U.S. markets if Trump wins the Presidential race in November. Kuchinad, who now leads a more pro-crypto administration, said the company will apply for regulatory custody or money transmission licenses in the US.

“Refining Copper’s global growth strategy has been a priority since I joined, and this has required making significant decisions about our direction and approach,” said Kuchinad, who lives mostly in New York.

Copper is not only setting its sights on the United States, but the crypto firm also plans to apply for licenses and regulatory approvals in crypto-friendly regions such as Hong Kong, Switzerland, and Abu Dhabi.

Copper Technologies is one of the largest crypto companies in the UK. The custody firm, headed by former UK Chancellor of the Exchequer Philip Hammond, has had its head office in London since it was founded in 2018.

Cooper failed to obtain a permanent registration with the FCA when UK financial regulators renewed its crypto asset registrations in 2022. Since then, the crypto firm has been focusing on its overseas operations.

As previously reported by crypto.news, the UK FCA is working to finalize crypto regulations by 2026. Recently the financial regulator outlined new restrictions that could potentially halt the development of the crypto industry in the UK.

These potential new regulations include a ban on public crypto offerings, with the exception of already established trading platforms or the use of certain regulatory exemptions.