Lord Hammond stepped down as Copper's chairman on April 10, 2026, after three years in the role1. Foresight News reported on April 10, 2026, that Hammond, the United Kingdom's former chancellor of the exchequer, had resigned2. The outlet said the company was shifting its business focus to the United States and seeking regulatory approval there. Mike Kuehnel, the former chief executive of Flow Traders, succeeded Hammond as chairman, Copper's announcement said.
Three of Copper's 6 leadership moves on the record came in 2026, its busiest year
Leadership moves CryptoLately has verified at Copper, by year
- 2026: 3
- 2022, 2023, 2024, 2025
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2022 | 1 |
| 2023 | 0 |
| 2024 | 2 |
| 2025 | 0 |
| 2026 | 3 |
10 board exits on the record in 2026, the most of any year
Board exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2026: 10
- 2019, 2020, 2021, 2022, 2023, 2024, 2025
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 1 |
| 2020 | 2 |
| 2021 | 4 |
| 2022 | 0 |
| 2023 | 2 |
| 2024 | 4 |
| 2025 | 7 |
| 2026 | 10 |
The move
Hammond reflected on his three years leading Copper's board. “It has been a privilege to lead Copper as Chair for the last three years during its transition from an early-stage fintech to a trusted provider of market infrastructure to institutional participants in digital asset markets,” Hammond said. “The company is now ready to pursue substantial opportunities emerging in the US. I am delighted to be handing over to a Chair of Mike Kuehnel's caliber, whose expertise across digital assets and financial market infrastructure will be highly valuable to Copper as it enters its next phase of growth”1. Chief executive Amar Kuchinad thanked Hammond and Jim Turley, the outgoing chair of its audit committee. “I want to thank Philip and Jim for their contributions over the last three years to make Copper the industry benchmark in blockchain-based collateral mobility solutions,” Kuchinad said.
Before and after Hammond
Foresight News described Hammond's tenure as a regulatory setback followed by a pivot. Copper failed to win UK registration in December 2024. It took a Swiss license instead, the outlet reported2. Copper's UK operations posted a $40 million loss in its latest financial report, Foresight News said. Kuehnel had stepped down from Flow Traders to focus on artificial intelligence in financial markets1. He now leads a board aimed at winning US regulated status, Copper said.
What to watch
Copper's management changed on September 27, 2026, when it named Elin Cherry and Sam Goh co-chief executives. It moved Amar Kuchinad to an advisory role3. Kuehnel, still chairman, endorsed the new team on the record. The next tests are whether Copper wins the US approval Foresight News said it was seeking, and whether the IPO talks the outlet reported in April 2026 advance toward a filing2.
Sources
- Copper, "Copper Appoints Mike Kuehnel as Chairman and John Meserve as Non-Executive Director," April 10, 2026, https://copper.co/en/insights/company-news/copper-appoints-mike-kuehnel-as-chairman-and-john-meserve-as-non-executive-director
- ForesightNews, "Former UK Chancellor resigns as Chairman of crypto custody firm Copper," Bitget, April 10, 2026, https://www.bitget.com/news/detail/12560605354977
- Crypto Reporter PR, "Copper Announces Leadership Transition and New Management Team for Next Phase of Growth," Crypto Reporter, September 27, 2026, https://www.crypto-reporter.com/press-releases/copper-announces-leadership-transition-and-new-management-team-for-next-phase-of-growth-131879/