Digital asset custody agency Copper has withdrawn its software to develop into registered with the U.Okay.’s monetary companies regulator, the Monetary Conduct Authority (FCA), the corporate mentioned in a press release on Friday.
The corporate chaired by former U.Okay. Chancellor of the Exchequer Philip Hammond mentioned the choice to withdraw was a part of the corporate’s strategic shift, and that U.Okay. registration not fitted the corporate’s future enterprise trajectory.
The London-based custodian lately introduced a brand new technique extra targeted on worldwide alternatives.
It appointed Amar Kuchinad as its new world CEO in October. He has been tasked with main the agency’s world development technique, with a give attention to strengthening the corporate’s U.S. presence.
Copper is not the one crypto firm to withdraw from the registration course of within the U.Okay.. Between January 10 2020 and December 1 2024, 69% of functions have been withdrawn, in response to knowledge from the FCA.
The custody agency mentioned it could look to capitalize on alternatives throughout precedence markets, such because the U.S., Europe and the Center East.
“Withdrawing our software to register as a cryptoasset establishment within the U.Okay. is the fitting choice for our enterprise, and displays our refocus on driving development in precedence markets,” mentioned Amar Kuchinad, CEO of Copper, within the launch.
Copper began providing shoppers safe custody and buying and selling of tokenized cash market funds comparable to BlackRock’s BUIDL, the corporate mentioned in October.
Learn extra: Copper to Supply Custody Companies for Tokenized Cash Market Funds Akin to BlackRock’s BUIDL