Copper Pulls Out of UK Crypto License Application

Copper Technologies, a big player in the UK crypto scene and backed by Barclays, has pulled its application for a UK crypto license. The company said it’s now focusing on expanding internationally under its new CEO, Amar Kuchinad.

Shifting Focus to Other Markets

Copper had hoped to get a license in the UK but didn’t manage to secure one when the FCA updated its register in 2022. Since then, the company has been eyeing other markets, like Switzerland, Hong Kong, and Abu Dhabi, for regulatory approval. The company’s global expansion also includes strengthening its presence in the US and the Middle East.

New CEO, New Direction

In October 2024, Copper named Amar Kuchinad as its new CEO, taking over from Dmitry Tokarev, who had led the company since it started in 2018. Kuchinad said that the decision to withdraw from the UK was part of a broader plan to grow Copper internationally, with Europe, the US, and the Middle East being key focus areas.

FCA’s Strict Crypto Rules

Copper’s decision comes after the FCA reported that almost 90% of crypto license applications were rejected or withdrawn due to weak anti-money laundering measures. The FCA’s 2024 report showed that only four out of 35 applications for crypto firms were approved, with many others failing to meet the required standards.

---