I've just tested it on my European Mega CD and it does indeed work fine. The CDDA tracks were just static noise, but I think it may have just burnt wrong. The game loads and plays fine.
Many thanks for sharing this with us!
It seems that the default region coding is for the US. If anyone's interested in modifying it to work on a European system, change offset 0x200 (in 'TimeCop.bin') to 0x45 ("E", in ASCII). Thanks to PlayGeneration for that! :)