Crypto.com announced Monday it has received conditional approval for a national bank trust charter from the US Office of the Comptroller of the Currency (OCC).
Once fully approved, the cryptocurrency exchange will operate as a federally regulated custodian across the US under OCC oversight. The company submitted its application in October, aiming to provide custody services for digital asset treasuries and exchange-traded funds.
"This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services they expect from Crypto.com," stated Crypto.com co-founder and CEO Kris Marszalek.
This development follows the OCC's recent conditional approvals for similar bank charter applications from Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. The American Bankers Association had urged the OCC to delay new trust bank charters for digital asset companies, citing concerns over regulatory frameworks.
Separately, World Liberty Financial, a crypto company backed by US President Donald Trump's family, also applied for a national bank trust charter. This application has faced scrutiny from Senator Elizabeth Warren.