Cryptocurrency Firm Advised by The Former Chancellor Philip Hammond Withdraws UK Application

Former UK Minister, Philip Hammond

A cryptocurrency firm that employs the former chancellor Philip Hammond as an adviser has withdrawn its application to operate in the UK, after struggling to win approval from the financial regulator.

The Guardian revealed earlier this year that Copper Technologies, in which Hammond holds a 0.5% stake, was considering seeking registration in Switzerland rather than the UK.

The company had been given temporary registration by the Financial Conduct Authority (FCA), pending approval of the controls it had put in place to prevent money laundering and terrorist financing

Fintech firm Revolut, which had additionally been positioned on the FCA’s non permanent record, was awarded full registration for its UK crypto enterprise final month.

However Copper Applied sciences has revealed, in accounts filed at Corporations Home, that it had withdrawn its software and moved UK clients to Switzerland, after successful approval there.

Hammond, who was chancellor between July 2016 and July 2019, has been essential of the UK for failing to arrange a complete regulatory framework governing cryptocurrencies.

Earlier this 12 months he mentioned it was “frankly fairly stunning” that Britain was lagging behind different nations

The FCA’s regime for digital property presently covers cash laundering and terrorist financing however not particular elements of cryptocurrency buying and selling and investing.

Hammond, recruited by Copper Technologies as a “senior adviser” in 2021, has “growth shares” that had been considered value as much as $15m (£13m), based mostly on reviews by Bloomberg that the corporate was searching for a valuation of $3bn in a fundraising train.

The accounts present that Copper Technologies has raised $196m to this point however the final success of the fundraising – and thus the valuation – could possibly be affected by a broad world sell-off of digital property over the previous 12 months.

A spokesperson for the company said: “Copper maintains open and active dialogue with regulators across the jurisdictions where we are operating, including of course with the FCA. Since gaining our membership to [Swiss body] VQF in May, we are pleased to be able to offer clients services from Switzerland.”

From Italy to Sweden, Hungary to France, the far right is once again a force to be reckoned with. Its hostility towards immigrants encourages xenophobes everywhere, including in India. Its social conservatism threatens hard-won LGBTQ+ rights. Its euroscepticism has already upset the dynamics of the EU.

Cryptocurrency firm advised by Philip Hammond withdraws UK application | Cryptocurrencies

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