Crypto.com Secures Conditional US Bank Charter
What happened
The U.S. Office of the Comptroller of the Currency (OCC) has granted Crypto.com conditional approval to create a limited-purpose National Trust Bank. This charter allows the firm to offer institutional custody and other digital asset services under federal regulation. The move represents a significant step toward mainstream financial integration for the cryptocurrency industry.
Why it matters
- The new entity will be named Foris Dax National Trust Bank and will operate as Crypto.com National Trust Bank once it receives final approval. - This federal charter will exist alongside Crypto.com's current state-level registration; the company already operates the Crypto.com Custody Trust Company, a non-depository trust firm regulated by the New Hampshire Banking Department. - To receive the charter, Crypto.com submitted its application to the OCC in October 2025. Before final approval is granted, the company must meet all pre-opening requirements, which include standards for capital, governance, and risk controls. - The national trust bank charter for digital asset firms is a relatively recent development, with Anchorage Digital becoming the first crypto-native company to receive one in January 2021. - Crypto.com joins a growing number of digital asset companies seeking federal oversight, including Ripple, Circle, Paxos, and Fidelity Digital Assets, which also received conditional approvals for national trust bank charters. - The charter is specifically for a limited-purpose trust bank, meaning the company can manage and hold client assets but is not permitted to accept traditional cash deposits or issue loans. - Traditional banking industry groups have expressed concerns to the OCC about the increase in these charter applications, arguing that firms offering bank-like products should be subject to the same stringent regulations as full-service banks.
Key numbers
- To receive the charter, Crypto.com submitted its application to the OCC in October 2025.
- The national trust bank charter for digital asset firms is a relatively recent development, with Anchorage Digital becoming the first crypto-native company to receive one in January 2021.
What happens next
- The new entity will be named Foris Dax National Trust Bank and will operate as Crypto.com National Trust Bank once it receives final approval.
- This federal charter will exist alongside Crypto.com's current state-level registration; the company already operates the Crypto.com Custody Trust Company, a non-depository trust firm regulated by the New Hampshire Banking Department.
Quick answers
What happened in Crypto.com Secures Conditional US Bank Charter?
The U.S. Office of the Comptroller of the Currency (OCC) has granted Crypto.com conditional approval to create a limited-purpose National Trust Bank. This charter allows the firm to offer institutional custody and other digital asset services under federal regulation. The move represents a significant step toward mainstream financial integration for the cryptocurrency industry.
Why does Crypto.com Secures Conditional US Bank Charter matter?
The new entity will be named Foris Dax National Trust Bank and will operate as Crypto.com National Trust Bank once it receives final approval. This federal charter will exist alongside Crypto.com's current state-level registration; the company already operates the Crypto.com Custody Trust Company, a non-depository trust firm regulated by the New Hampshire Banking Department. To receive the charter, Crypto.com submitted its application to the OCC in October 2025. Before final approval is granted, the company must meet all pre-opening requirements, which include standards for capital, governance, and risk controls. The national trust bank charter for digital asset firms is a relatively recent development, with Anchorage Digital becoming the first crypto-native company to receive one in January 2021. Crypto.com joins a growing number of digital asset companies seeking federal oversight, including Ripple, Circle, Paxos, and Fidelity Digital Assets, which also received conditional approvals for national trust bank charters. The charter is specifically for a limited-purpose trust bank, meaning the company can manage and hold client assets but is not permitted to accept traditional cash deposits or issue loans. Traditional banking industry groups have expressed concerns to the OCC about the increase in these charter applications, arguing that firms offering bank-like products should be subject to the same stringent regulations as full-service banks.
