Crypto company chaired by ex-chancellor ditches push for UK registration

The crypto company chaired by former chancellor Philip Hammond has dropped its second attempt to register in the UK after failing for more than three years to be approved by the British financial regulator. Copper, which provides trading, storage and settlement of cryptocurrencies, said on Friday that it had withdrawn its application to be on the Financial Conduct Authority’s Cryptoasset Register.

” Copper was then forced to register in Switzerland and has since gained regulatory approval in Abu Dhabi. This second withdrawal underscores Copper’s difficulty in gaining approval from the UK regulator. The FCA’s Cryptoasset system has been operating since 2020 and requires companies that offer digital asset exchange or custody services from the UK to UK customers to be registered.

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