Crypto escrow firm Copper withdraws UK registration
Copper has withdrawn its application for registration in the UK. Due to the changes made by the UK's Financial Conduct Authority around crypto asset firms, a crypto guardian firm may not be able to register until 2022.
UK-based Copper Technologies Ltd., a UK-based crypto holding company, has dropped its plans to register with the country's Financial Conduct Authority (FCA).
In a report on Friday, Bloomberg said the London-based firm's chairman, former UK Foreign Office Chancellor Philip Hammond, has opted for an overseas footprint instead. The Copper Pillar comes as the company looks to build its business in new hubs around the world, with new CEO Amar Kuchinad leading the growth strategy.
In the year Founded in 2018, Copper has grown to become one of the UK's largest crypto-focused businesses.
In the year Part of the growth comes as the company fails to secure FCA registration by 2022. Over the past few years, copper has received approvals or regulatory approvals in Switzerland, Hong Kong and Abu Dhabi in the United Arab Emirates.
Crypto Guardian also announced plans to expand its services to the US.
Organizations could not meet regulatory requirements
Copper has withdrawn its FCA license application following a report by the UK regulator. In a report released in September, the Financial Markets Regulator indicated that the review had affected 90 percent of firms that applied.
The FCA has seen or rejected 87% of applicants due to fraud-related failures. The UK regulator has granted licenses to four crypto companies in the past year, with 9 denied and 15 denied. According to the FCA, 44 crypto firms have confirmed that they have registered money laundering in its annual report.
“We recognize the importance of effective and efficient licensing if we want the UK to be the best place in the world for financial services to thrive. We continue to play a leading role globally in crypto, sustainability and non-banking finance to name but a few,” commented FCA Chief Executive Nikhil Rattie.
