Copper Technologies, a UK crypto custody firm backed by Barclays, has withdrawn its application for a crypto license in the UK. According to Bloomberg, the firm will shift its focus to foreign hubs under its new CEO. Copper failed to secure a permanent UK registration when it updated the FCA’s crypto asset business register in 2022. The company is prioritizing regulatory approvals in Switzerland, Hong Kong, and Abu Dhabi. According to the FCA’s 2024 report, 87% of crypto license applications were withdrawn or rejected. Share your views in the comments.