Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank. This move allows the cryptocurrency exchange to expand its custody services under federal oversight.
The planned Foris Dax National Trust Bank, operating as Crypto.com National Trust Bank, will function as a limited-purpose national trust bank. Its services will focus on custody, staking, and trade settlement for digital assets, including those on its Cronos blockchain, rather than accepting deposits or issuing loans.
This OCC charter centralizes Crypto.com's institutional offerings under a single federal framework. Previously, the company operated a qualified custodian regulated by New Hampshire's banking department. The national charter is particularly advantageous for institutional clients like ETF issuers and asset managers, offering streamlined compliance and operational processes through national oversight.
Crypto.com applied for the OCC charter in October. While this conditional approval is a significant step, it is not final. Similar approvals have been granted to other crypto firms, including Stripe's stablecoin firm Bridge, BitGo, Circle, Ripple, Paxos, and Fidelity Digital Assets, indicating a trend of crypto companies seeking to operate within federal regulatory structures.