The crypto attitude company Copper withdraws British registration

• Copper has withdrawn his application for registration in the United Kingdom.
• The crypto attitude company first failed in 2022 because the British Financial Conduct Authority had made changes in relation to crypto-asset companies.

Copper Technologies Ltd., a crypto attitude company based in the United Kingdom, has given up its plans for registration at the country's Financial Conduct Authority (FCA).

In a report on Friday, Bloomberg said that the company based in London, whose chairman is the former British finance minister Philip Hammond, decided instead for a presence abroad. Copper changes at a time when the company wants to expand its business with new hubs around the world, whereby the new CEO Amar Kuchinad is leading the growth strategy.

Copper was founded in 2018 and has developed into one of the largest cryptofocussed companies in Britain.

Part of the growth is due to the fact that the company did not succeed in registering with the FCA in 2022. In recent years, Copper has received licenses or official permits in Switzerland, Hong Kong and Abu Dhabi in the United Arab Emirates.

The crypto custodian has also announced plans to extend his services to the United States, a decision that depends on the crypto-friendly environment expected under President Donald Trump.

The companies did not meet the regulatory standards

Copper drops his FCA license application against the background of the British regulatory authority Report Licenses from crypto companies did not meet the defined regulatory standards. In her September report, the financial market supervision pointed out that this assessment affected around 90 % of companies that had applied.

The FCA refused or saw that about 87 % of the applicants withdraw their application due to failures in connection with money laundering rollers. The British regulatory authority only issued four crypto companies licenses, nine of which were rejected and 15 withdrawn. According to the FCA, 44 crypto companies had secured money laundering registration at the time of their annual report.

"We are aware of the importance of providing an effective and efficient authorization service if we want Britain to be the best location for flourishing financial services worldwide." We continue to play a leading role internationally by designing the global standards for crypto, sustainability and non -bank financing, "said Nikhil Rathi, CEO of the FCA. .