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Ex-Finance Minister 'Could Lose Millions' as Crypto Firm Considers Move from U.K. to Switzerland | CoinMarketCap

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This crypto company is reportedly planning to move from the U.K. to Switzerland as it struggles to get regulatory approval 👀 Worse still, a former finance minister could end up losing millions of dollars as a result… 💸

A crypto company that counts a former finance minister among its advisors is reportedly plotting a move to Switzerland — as hopes of achieving full regulatory approval in the U.K. begin to fade.

The Financial Conduct Authority had allowed companies that were seeking full registration as a cryptoasset service provider to be subject to a "temporary registration regime" — but this ended on March 31, 2022. Copper is among five companies that remain on this temporary list even after the deadline passed — along with CEX.IO and Revolut. This could mean one of two things: they are attempting to finalize their application and arguing the FCA's decision, or in the process of winding down.

This could be particularly calamitous for Philip Hammond — a member of the House of Lords who served as Chancellor in the Conservative government from 2016 to 2019.

 

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