Copper Technologies, a major UK crypto custody firm backed by Barclays, has pulled its application for a UK crypto license. The decision follows Copper's failure to secure a permanent registration with the UK's Financial Conduct Authority (FCA) in 2022. Under new CEO Amar Kuchinad, the company is now focusing on expanding in international markets like Switzerland, Hong Kong, and Abu Dhabi. This shift comes as the FCA reports that nearly 90% of crypto license applications in 2024 were unsuccessful, mainly due to inadequate money laundering controls.