Cooper Withdraws FCA Registration Application, Adopts Global Hub Strategy
YM Lee
Summary
- Cooper announced the withdrawal of its FCA registration application and plans to focus on expanding overseas hubs.
- Cooper has been pursuing regulatory approvals in overseas markets such as Switzerland, Hong Kong, and Abu Dhabi, having failed to secure a permanent UK license from the FCA.
- This decision is part of a plan to strengthen its global business strategy under the leadership of new CEO Amar Kuchinad.
Global cryptocurrency custody firm Cooper has announced the withdrawal of its registration application with the UK's Financial Conduct Authority (FCA).
According to a report by The Block on the 20th (local time), Cooper stated, "Under the leadership of the new CEO, Amar Kuchinad, we plan to focus on expanding overseas hubs."
Cooper failed to secure a permanent UK license during the FCA's virtual asset business registry update in 2022, and since then, it has turned its attention to overseas markets such as Switzerland, Hong Kong, and Abu Dhabi to secure its own regulatory approvals.
YM Lee
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