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.
- 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.
