Crypto.com secures federal nod for national trust bank

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Crypto.com wins OCC conditional charter

Conditional charter, federal oversight

The OCC granted conditional approval in February 2026 for Foris Dax National Trust Bank, to operate as Crypto.com National Trust Bank. The company first applied for the charter in October 2025. Conditional approval means Crypto.com must still satisfy capital, governance, compliance and risk-management requirements before receiving final authorization.

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If fully approved, the entity would be able to offer digital asset custody, staking of custodial assets across various blockchains and trade settlement services under OCC supervision. Notably, the OCC does not charter exchanges directly but authorizes banks, including trust banks, which may operate within broader crypto groups.

“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 co-founder and CEO Kris Marszalek. “This milestone brings us a major step closer to meeting leading institutions’ needs for a one-stop-shop qualified custodian under a gold standard of federal oversight.”

Crypto.com emphasized that its New Hampshire-regulated Crypto.com Custody Trust Company will continue operating as a qualified custodian during the transition.

Part of a broader regulatory shift

Crypto.com joins Circle, Ripple, Paxos, Fidelity Investments and others that received conditional approval for national trust bank charters in late 2025. BitGo has already secured full OCC approval to convert its state trust company into a national trust bank. Meanwhile, Coinbase and Trump-backed World Liberty Financial have filed applications, with the latter facing scrutiny from House Democrats over potential national security concerns.

The surge in charter applications follows two major regulatory developments: the OCC’s confirmation in May that banks may hold crypto assets for customers, and the July passage of the GENIUS Act, which regulates stablecoin issuance and trading. The stablecoin market has since grown to nearly $309 billion in circulating supply, reflecting rising institutional demand.

Still, traditional banking groups including the American Bankers Association and the Independent Community Bankers of America have urged caution, arguing that rapid approvals could blur regulatory boundaries and introduce new systemic risks.

Why this matters

Crypto.com’s conditional approval highlights how digital-asset firms are increasingly seeking federal legitimacy rather than operating solely under fragmented state regimes. A national trust charter centralizes oversight under the OCC, potentially enhancing institutional credibility, simplifying multi-state operations and strengthening custody safeguards.

At the same time, the move reflects a broader transformation of the U.S. financial landscape as crypto companies pursue bank-like status amid expanding stablecoin markets and new federal legislation. How regulators balance innovation with safety will shape whether digital assets become a permanent fixture of mainstream banking infrastructure.

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