Copper Withdraws UK Crypto Authorization Bid in Strategy Shift

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 ...