Crypto custodian firm Copper has announced the appointment of Amar Kuchinad as its new global chief executive, aiming to strengthen its foothold in the U.S., Hong Kong, and Abu Dhabi.
Kuchinad, who takes over from founder Dmitry Tokarev, will lead Copper’s growth strategy with a focus on an “institutional-first” approach, driving expansion in key markets. The company stated that enhancing its presence in the U.S. while building on recent regulatory achievements in Hong Kong and Abu Dhabi will be central to its strategy.
Tokarev, who has served as CEO for seven years, will remain involved with the company as a founder director and strategic shareholder. Prior to joining Copper, Kuchinad held positions as managing director at Goldman Sachs and as a senior policy advisor at the U.S. Securities and Exchange Commission. He also founded Electronifie, which developed an SEC-registered alternative trading platform.
In his new role, Kuchinad will oversee ClearLoop, Copper’s custody and trading network, which currently processes 20 million trades each month, totaling a notional value of $100 billion.
This leadership transition comes amid increased scrutiny of Copper, following investigations that revealed connections to sanctioned individuals. A report from the International Consortium of Investigative Journalists highlighted a transfer of over $4.2 million in crypto to Jonatan Zimenkov, a Russian national linked to an arms-dealing network. Although the report concluded that Copper did not violate regulations at the time of the transactions, it raised concerns about the company’s compliance practices.
In March 2022, Tokarev publicly condemned the Kremlin’s military actions against Ukraine, stating that “the Russian government does not speak for every Russian. They do not even speak for the majority of them.”
