---
title: "Philip Hammond Steps Down as Copper Chairman Amid U.S. Expansion"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282313698.md"
description: "Former UK Chancellor Philip Hammond has stepped down as chairman of cryptocurrency custody firm Copper, succeeded by Mike Kuehnel. This change aligns with Copper's focus on the U.S. market and regulatory approval, alongside potential IPO discussions. After failing to secure UK registration, Copper obtained a Swiss license. The latest financial report indicates a $40 million loss in UK operations, and former BNY executive John Meserve will join the board as a non-executive director."
datetime: "2026-04-10T08:33:33.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282313698.md)
  - [en](https://longbridge.com/en/news/282313698.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282313698.md)
---

# Philip Hammond Steps Down as Copper Chairman Amid U.S. Expansion

Former UK Chancellor Philip Hammond has stepped down as chairman of the cryptocurrency custody firm Copper. According to Foresight News, he is succeeded by Mike Kuehnel, the former CEO of Flow Traders. This leadership change comes as Copper shifts its focus to the U.S. market and explores regulatory approval there, alongside preliminary discussions for a potential IPO. After failing to secure UK registration in December 2024, Copper obtained a Swiss license. The company's latest financial report reveals a $40 million loss in its UK operations. Additionally, former BNY executive John Meserve will join the board as a non-executive director.

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