Former UK Chancellor resigns as Chairman of crypto custody firm Copper

Foresight News reports, according to Financial News, that former UK Chancellor of the Exchequer Philip Hammond has stepped down as chairman of crypto custody company Copper, with former Flow Traders CEO Mike Kuehnel taking over. This management change comes as Copper shifts its business focus to the United States and seeks regulatory approval there, while also holding initial discussions regarding a potential IPO.

After its failed attempt to obtain UK registration in December 2024, the company obtained a Swiss license instead. Its latest financial report shows that its UK operations posted a $40 million loss. In addition, former BNY executive John Meserve will also join the board as a non-executive director.