- Crypto.com received conditional approval from the OCC to form a national trust bank.
- The bank will focus on crypto custody, staking, and trade settlement services.
- It will not accept deposits or issue traditional consumer or business loans.
Crypto.com has taken a big step toward becoming a federally regulated crypto institution in the United States. The company announced that it has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank.
If fully approved, the new entity will operate as Foris Dax National Trust Bank, doing business as Crypto.com National Trust Bank. However, this is not final authorization.
“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,” said Kris Marszalek, co-founder and CEO of Crypto.com.
What This Means
The proposed bank would not function like a traditional bank. It would not accept deposits or issue loans. Instead, it would operate as a limited-purpose national trust bank, focused entirely on digital asset services.
Under the charter, Crypto.com would consolidate its crypto custody operations under federal oversight. Services would include:
- Institutional-grade crypto custody
- Digital asset staking
- Trade settlement services
- Support for assets on its Cronos blockchain
Currently, Crypto.com operates as a qualified custodian regulated at the state level in New Hampshire. A national trust charter would bring those services under a single federal regulatory framework, which many institutional clients prefer.
Why Federal Oversight Matters
Large institutions such as ETF issuers, asset managers, and hedge funds often require custodians that operate under national banking supervision. A federal charter can simplify compliance requirements and provide added confidence for institutional participation.
This trend also shows that U.S. regulators are increasingly open to integrating crypto services into traditional financial frameworks, rather than keeping them entirely separate.
Joining a Growing List of Crypto Firms
With this approval, Crypto.com joins Ripple, Circle, Paxos, and Fidelity in receiving conditional approval for a U.S. OCC trust bank charter.
Meanwhile, BitGo went a step further last year, securing full OCC approval to convert its state-regulated trust company into a nationally chartered trust bank.
Related: Bank of Korea Urges Bank-Only Stablecoins to Prevent Money Laundering
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