Crypto.com Secures Conditional Approval for Federal Trust Bank Charter in Major Expansion Move

Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a federally regulated national trust bank, marking a strategic expansion of its institutional custody capabilities under unified federal oversight.

Federal Charter to Consolidate Custody Operations

The proposed entity, Foris Dax National Trust Bank—operating under the name Crypto.com National Trust Bank—will function as a limited-purpose national trust institution. Unlike traditional banks, it will not accept deposits or issue loans. Instead, the platform will focus exclusively on digital asset services including custody, staking, and trade settlement, with support for assets on its proprietary Cronos blockchain.

The conditional charter approval, filed with the OCC in October, represents a critical milestone in bringing the exchange's institutional services under a comprehensive federal regulatory framework. While not yet final, this preliminary authorization positions Crypto.com to better serve institutional clients who increasingly demand federally supervised custody solutions.

Bridging State and Federal Oversight

Crypto.com currently operates Crypto.com Custody Trust Co., a qualified custodian regulated at the state level by New Hampshire's banking department. The new national trust bank charter would consolidate these custody operations under a single federal structure, offering significant advantages for institutional partners.

For exchange-traded fund (ETF) issuers, asset managers, and other institutional investors, federally regulated custodians provide streamlined compliance pathways and operational efficiency. The national charter delivers this centralized oversight model specifically for trust services, addressing growing institutional demand for regulatory clarity in digital asset custody.

Growing Trend Among Major Crypto Firms

Crypto.com joins an expanding roster of cryptocurrency companies pursuing federal banking charters. Last week, Stripe's stablecoin subsidiary Bridge received similar conditional approval to establish a national trust bank.

In December, a wave of prominent crypto firms secured conditional approvals from the OCC, including BitGo, Circle, Ripple, Paxos, and Fidelity Digital Assets. This clustering of applications signals a broader industry shift toward operating within established federal regulatory frameworks rather than relying solely on state-level oversight or offshore structures.

The proliferation of these conditional approvals reflects both regulatory evolution and industry maturation, as major players seek legitimacy and institutional acceptance through federally supervised banking structures.

Implications for Institutional Adoption

The move toward federal trust bank charters addresses a persistent challenge in cryptocurrency markets: regulatory fragmentation. Institutional investors have historically hesitated to engage with digital assets due to compliance complexity and the patchwork nature of state-level regulation.

By obtaining national trust bank status, Crypto.com positions itself to capture growing institutional demand for compliant custody solutions. The federal oversight framework provides greater regulatory certainty, potentially accelerating institutional capital flows into digital asset markets.

While the approval remains conditional and requires further steps before final authorization, the OCC's willingness to grant preliminary approvals to multiple crypto firms suggests a more accommodating regulatory environment under current federal banking supervision.

Coinasity's Take

The surge in conditional national trust bank approvals represents a watershed moment for cryptocurrency industry legitimization. Crypto.com's pursuit of federal oversight—despite already operating a state-regulated custodian—demonstrates that leading platforms recognize institutional clients demand the compliance certainty only federal charters provide. With BitGo, Circle, Ripple, Paxos, and others following the same path, we're witnessing the formalization of crypto custody infrastructure within traditional banking frameworks. This trend should accelerate institutional adoption, though final approvals and operational launches will be the true test of whether federal oversight can coexist effectively with the permissionless innovation that defines blockchain technology.