Crypto.com Secures Conditional OCC Approval to Launch US National Trust Bank
- Crypto.com secured conditional OCC approval to launch a national trust bank for digital asset custody.
- The planned bank will focus on institutional custody staking and trade settlement services.
- Federal oversight may help Crypto.com attract institutions seeking regulated crypto custody.
Crypto.com received conditional approval from the Office of the Comptroller of the Currency on Feb. 13. The approval allows the company to form Foris Dax National Trust Bank in the United States. Once regulators grant final clearance, the bank will operate as Crypto.com National Trust Bank. This move places the exchange under a federal banking framework. It also strengthens its push into institutional services.
The company submitted its application in October 2025. Since then, it has worked directly with regulators to meet national standards. It adjusted its governance model and capital structure to match OCC rules. As a result, the agency granted conditional approval. However, the bank cannot begin operations yet.
Limited-Purpose Structure Targets Institutional Clients
The new bank will operate as a limited-purpose national trust bank. It will not accept deposits from the public. It will not issue consumer or commercial loans. Instead, it will focus on digital asset custody and related services. The structure targets institutional and corporate clients.
The bank will offer custody for cryptocurrencies and other digital assets. It will also provide trade settlement services. In addition, it will support staking across several blockchain networks. This includes assets linked to Crypto.com’s Cronos network. By placing these services under one entity, the company creates a single federal structure for institutions.
Crypto.com will continue running its New Hampshire custody unit during the transition. That business will operate without disruption. However, the OCC charter brings institutional custody under national oversight. Therefore, the company can reduce reliance on separate state licenses. This step may simplify operations for large investors.
Compliance Conditions Still Pending
Crypto.com must satisfy several conditions before launching the bank. It must complete its risk management systems. It must also strengthen internal controls and confirm compliance processes. Regulators will review these systems before granting final approval. Until then, the charter remains conditional.
Federal oversight gives the company nationwide reach. It also subjects the bank to closer supervision. Many asset managers prefer custodians under federal regulation. Therefore, the charter may attract institutions that require strict compliance standards. The bank will remain limited to trust services.
Industry Shift Toward Federal Charters
Crypto.com joins other crypto firms that pursue national trust status. Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets have followed similar paths. Bridge, linked to Stripe, has also sought a comparable structure. Additionally, Coinbase also applied for a national trust charter to expand its crypto custody and financial services. These moves show that firms want clearer federal oversight.
Institutional demand for regulated custody continues to grow. ETF issuers and asset managers often require qualified custodians. A national charter can streamline compliance across states. As U.S. rules become clearer, more firms seek federal structures. If regulators grant final approval, Crypto.com will expand its institutional reach across the country.
