Citadel Seeks Bank Charter
Citadel Securities’ backed crypto exchange has applied for a U.S. national trust bank charter — a move aimed at adding regulated fiat on/off ramps and custody capabilities. It signals a push to marry high‑frequency trading expertise with regulated crypto rails that could change institutional settlement flows. (bloomberg.com)
EDX Markets dated its OCC submission March 25, 2026 and asked the regulator to organize “EDX Trust, National Association” as a de novo national trust bank; the application was made public April 1, 2026. (occ.treas.gov)) The public filing and EDX’s press release state the proposed trust would support regulated custody, trade clearing and settlement and risk‑management services alongside EDX’s existing trading infrastructure. (prnewswire.com)) The application seeks full fiduciary powers under 12 U.S.C. §92a and authorization to provide digital‑asset custody, asset management and settlement services to institutional clients, per the publicly posted materials. (news.bitcoin.com)) EDX’s list of investors and sponsors named in reporting and company materials includes Citadel Securities, Virtu Financial, Fidelity Digital Assets, Hudson River Trading, Charles Schwab, Paradigm, Sequoia Capital and Miami International Holdings. (bloomberg.com)) Tony Acuña‑Rohter, EDX’s CEO, said he expects “the next wave of crypto will be the large banks” and indicated he intends to serve on the proposed trust’s board of directors. (bloomberg.com)) The OCC finalized and published an amendment clarifying national trust banks may engage in non‑fiduciary activities that became effective April 1, 2026, a rule change that coincides with the public disclosure of EDX’s March 25 application. (occ.gov)) EDX’s OCC cover letter and index show the public application is accompanied by a confidential exhibits volume containing the business plan, financial projections and capital and liquidity analysis, and the filing requests confidential treatment under FOIA; the proposed main office is listed at 200 W. Madison, Suite 1450, Chicago, IL. (occ.treas.gov))
