FCA friction said to spook investors over Copper’s reported $500M raise

04/05 14:26

According to CoinDesk, London-based Copper Technologies has been unable to close its widely reported $500 million funding round, according to three people familiar with the situation. The fact that Copper is one of the U.K. crypto businesses stuck in the Financial Conduct Authority’s temporary registration process has been a problem for prospective investors Accel Partners and Tiger Global, the people said. “Tiger, and presumably some of the other investors, had wanted to make the closing process tied to the FCA approval,” one of the people said. “So some combination of downsizings, or pulling out of the round happened with the investor consortium.” A second person said Accel had “walked away from the deal,” and that Tiger has cut its intended investment in the round to about a quarter of what was initially a nine-figure commitment.

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