UK headquartered Copper.co, the digital asset custody technology provider, failed to secure a crypto-asset registration from the UK regulator, the Financial Conduct Authority (FCA). In March, State Street Digital, part of the world’s second largest conventional custodian, announced that Copper would be its technology partner for crypto custody.
Until June 29, the custody startup was on a list of FCA temporary registrants, but it was dropped on that day. The registration primarily relates to money laundering and terrorism financing compliance. As with many custodians, Copper additionally provides a crypto trading network that integrates with many exchanges.
Perhaps seeing what was coming, Copper announced in late May that it had been accepted as a member of the Swiss Financial Services Standard Association (VQF). It’s a self-regulatory organization required by the Swiss regulator FINMA to supervise its intermediary members for compliance with anti-money laundering.
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