Crypto custodian Copper Technologies Ltd. has withdrawn its application to register with the UK’s Financial Conduct Authority (FCA), Bloomberg reported on Friday.

The London-based firm, chaired by former UK Chancellor of the Exchequer Philip Hammond, announced it will pivot its focus to overseas hubs under its new CEO, Amar Kuchinad. “Refining Copper’s global growth strategy has been my priority since joining, and this has necessitated key decisions on our direction and approach,” new CEO Amar Kuchinad said.

Copper, one of the UK’s largest crypto businesses, was founded in 2018 by Dmitry Tokarev, who stepped down as CEO in October.

Copper failed to secure permanent UK registration when the FCA updated its cryptoasset business register in 2022. Since then, the firm has turned its attention overseas, obtaining licenses or self-regulatory approvals in jurisdictions such as Switzerland, Hong Kong, and Abu Dhabi.

Copper is also exploring US expansion, a move buoyed by Trump’s election victory, the Bloomberg report added. In his October statement upon becoming CEO, Kuchinad outlined plans to pursue regulatory custodial or money-transmitter licenses in the U.S. while expressing his enthusiasm to "lead the next phase of Copper’s global growth."

Two years ago, former UK Prime Minister Rishi Sunak, when serving as Chancellor under Boris Johnson, declared his ambition to make the UK “a global hub for cryptoasset technology." However, the UK faces mounting competition from global financial hubs seeking to attract crypto asset firms — most notably the U.S., where president-elect Donald Trump has emerged as a vocal crypto advocate.

To keep pace with other jurisdictions, the UK’s Labour government introduced plans in November for a new regulatory framework for the crypto sector. According to Economic Secretary to the Treasury Tulip Siddiq, the framework will include rules for stablecoins and staking services as part of a unified regime for crypto assets.

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