Crypto.com has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter, signaling a push to expand federally regulated custody services for institutional clients.
The move aims to strengthen the company’s institutional standing by offering custody and staking operations across various digital asset networks under federal oversight. This initiative targets major clients such as exchange-traded fund (ETF) sponsors, corporations, and financial advisors.
Crypto.com’s application places it among other significant cryptocurrency firms seeking federal banking licenses to enhance regulatory legitimacy and deepen engagement within the U.S. market. Coinbase, for instance, recently applied for a national trust company charter in New York, while Circle, the issuer of the USDC stablecoin, sought a national digital currency bank charter in June.
A national trust bank operates as a limited-purpose institution supervised by the OCC, authorized to provide custody, safekeeping, and fiduciary services nationwide. Unlike traditional commercial banks, these entities cannot accept FDIC-insured deposits or issue conventional loans. This framework allows crypto companies to offer institutional financial services under federal supervision without becoming full commercial banks.
The OCC has previously granted conditional approvals for similar ventures. In 2021, Anchorage Trust Company received approval to become Anchorage Digital Bank, N.A., and Paxos secured preliminary approval for its own national trust bank in the same year. Each approval typically includes specific, customized operating conditions.
For retail users, Crypto.com’s application will not lead to immediate changes, as its focus remains exclusively on the institutional segment. The company clarified that its existing state-licensed trust entity in New Hampshire, Crypto.com Custody Trust Company, which already serves as a qualified custodian, will not be affected by the federal application process.
An OCC application does not guarantee approval, and the agency typically does not comment on pending requests. However, if approved, federal oversight could streamline interactions for large institutional counterparts using Crypto.com’s fiduciary services under a unified regulatory framework. This could influence asset segregation, verification, and potentially facilitate new financial products and liquidity transfers across platforms.