Copper Technologies Ltd., a UK-based crypto custody firm, has decided against registering with the Financial Conduct Authority (FCA). The London firm, led by former UK Chancellor Philip Hammond, is now focusing on expanding globally under new CEO Amar Kuchinad. Since its establishment in 2018, Copper has become a major player in the UK's crypto industry. Following a setback in securing FCA registration in 2022, the company has obtained licenses in Switzerland, Hong Kong, and Abu Dhabi. Plans are also in place to enter the US market, anticipating favorable conditions under President Trump. The FCA's recent report revealed that most crypto firms failed to meet regulatory standards, leading Copper to withdraw its application. Only four crypto firms were licensed by the FCA in the past year, with many others facing rejections or withdrawals due to money laundering control issues. FCA's CEO, Nikhil Rathi, emphasized the importance of efficient authorizations to maintain the UK's financial services competitiveness. Read more AI-generated news on: https://app.chaingpt.org/news