Crypto Custodian Firm Copper Appoints New CEO to Boost U.S., Hong Kong, and Abu Dhabi Presence

Copper, a leading crypto custodian and collateral management hub, has announced the appointment of Amar Kuchinad as its new global chief executive. This strategic move aims to strengthen Copper’s institutional approach and expand its footprint in key markets such as the U.S., Hong Kong, and Abu Dhabi.

Amar Kuchinad takes over from Copper’s founder Dmitry Tokarev, who has been the driving force behind the company’s growth and innovation over the past seven years. Tokarev will continue to be involved with Copper as a founder director and strategic shareholder.

Leadership Transition and Strategic Goals

In a recent announcement, Copper stated that Kuchinad will lead the company’s growth strategy, focusing on an “institutional-first” approach to accelerate expansion in core markets. “Strengthening Copper’s U.S. presence whilst building on recent regulatory milestones in Hong Kong and Abu Dhabi will be central to this approach,” the company emphasized.

Before joining Copper, Kuchinad served as managing director at Goldman Sachs and worked as a senior policy advisor at the U.S. Securities and Exchange Commission. He also founded Electronifie, an SEC-registered alternative trading platform.

Operational Oversight

In his new role, Kuchinad will oversee ClearLoop, Copper’s custody and trading network. ClearLoop is currently processing 20 million trades each month, with a total notional value of $100 billion.

Compliance and Investigations

The leadership change comes amid increased scrutiny of Copper following investigations that revealed links to sanctioned individuals. A report by the International Consortium of Investigative Journalists highlighted a transfer of over $4.2 million in crypto to Jonatan Zimenkov, a Russian national with ties to an arms-dealing network. While the report indicated that Copper did not breach regulations at the time of the transactions, it raised questions about the firm’s compliance practices.

In March 2022, Tokarev issued a public statement on Copper’s website, condemning the Kremlin’s military offensive against Ukraine, stating, “the Russian government does not speak for every Russian. They do not even speak for the majority of them.”

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