(Bloomberg) -- Crypto custodian Copper Technologies Ltd. withdrew its application to register with the UK’s financial regulator on Friday, saying it will shift to focus on overseas hubs under its new chief executive officer.
Copper, which is chaired by former UK Chancellor of the Exchequer Philip Hammond and based in London, is one of the largest crypto businesses founded in the country. Its former CEO Dmitry Tokarev, who started the business in 2018, stepped down in October.
“Refining Copper’s global growth strategy has been my priority since joining, and this has necessitated key decisions on our direction and approach,” said Amar Kuchinad, who took over as CEO in October.
The UK has made a push to attract and retain technology startups in recent years. In cryptoassets, it’s competing with a range of financial centers that are also trying to woo promising companies — and now with the US under Donald Trump, the President-elect who has become a crypto cheerleader.
The UK’s Labour government outlined a planned new regulatory framework for the sector last month.
Copper failed to secure a permanent UK registration when the Financial Conduct Authority updated its register of cryptoasset businesses in 2022. Since then, Copper has shifted its focus overseas, opting for licenses or self-regulatory approval in places like Switzerland, Hong Kong and Abu Dhabi.
The company had been planning to expand in the US should Trump emerge victorious in the November election, Bloomberg News reported this summer. Copper plans to seek regulatory custodial or money-transmitter licenses there, Kuchinad, who is based predominantly in New York, said in October.
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