As a researcher with a keen interest in the intersection of traditional finance and cryptocurrencies, I find the recent developments at Copper Technologies intriguing. Having closely followed the crypto space for several years now, it’s not uncommon to see businesses navigating regulatory hurdles across jurisdictions. However, the scale at which Copper is pivoting its focus is quite significant, especially given its past ties with a major player like Barclays.
As a crypto investor, I’ve just learned that Copper Technologies, a digital asset custody firm with backing from global banking giant Barclays, has apparently decided to withdraw their cryptocurrency license application in the UK. This could potentially impact how they operate and store my investments within the region. It’s essential for me to keep an eye on updates regarding this matter to make informed decisions about my crypto portfolio.
On December 20th, Copper decided to withdraw its registration application with the UK’s Financial Conduct Authority. According to a Bloomberg report, this move is due to the company’s new CEO choosing to prioritize expansion into international financial centers instead.
Led by the previous Chancellor of the Exchequer in the United Kingdom, Philip Hammond, Copper is a significant player among cryptocurrency businesses within the country, and it’s been reported that it has garnered millions in investments from Barclays.
The previous CEO of Copper, Dmitry Tokarev, who founded the company in 2018, resigned in October. Since then, banker Amar Kuchinad has assumed the role of global CEO.
Copper failed to secure a UK registration in 2022
Based on Bloomberg’s report, Copper did not successfully obtain long-term UK registration when the Financial Conduct Authority (FCA) updated its registry for cryptocurrency asset companies in 2022.
In the time since, Copper has been redirecting its efforts abroad, with a keen emphasis on obtaining necessary approvals and licenses in Switzerland, Hong Kong, and Abu Dhabi.
In October 2022, it was declared that increasing Copper’s influence within the U.S., along with development in Hong Kong and Abu Dhabi, is a key focus of the company’s worldwide growth strategy.
Ever since I took on the role of CEO, it’s been crucial for me to focus on fine-tuning Copper’s global growth strategy. This responsibility has led me to make important choices about where we should be heading and how we should proceed,” Kuchinad reportedly stated upon assuming the position.
crypto moon reached out to copper for a comment concerning their revoked FCA license, but they didn’t respond before the article was published.
Nearly 90% of FCA crypto registrations have failed in 2024
The revocation of Copper’s Financial Conduct Authority (FCA) license is imminent, following a report by the FCA in September 2024 indicating that approximately 90% of applicants for crypto licenses fell short of its standards.
According to the Financial Conduct Authority’s 2024 annual report released on September 5th, more than 87% of crypto registration attempts were either withdrawn, denied, or not approved due to lax anti-money laundering measures.
Last year, the regulatory body only granted approval for four out of 35 applications submitted by cryptocurrency companies to register. On top of that, 15 applications were voluntarily withdrawn, while another nine were declined.
The regulator pointed out that they had discarded applications which lacked essential elements required for evaluation, or the crucial parts were of such low quality that the entire application was deemed ineligible.
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2024-12-20 13:13