Singapore-based cryptocurrency exchange Crypto.com has announced its application for a national trust bank charter through the U.S. Office of the Comptroller of the Currency (OCC), a key federal banking regulator. This move aligns with current trends as several established crypto firms also seek similar charters.
In its official statement, Crypto.com expressed its intention to obtain the license to enhance its advanced custody technology and expand customer offerings. This includes services for the custody and staking of assets across various blockchains and digital asset protocols, prominently featuring Cronos, a Layer 1 blockchain developed and backed by the exchange. Notably, Cronos recently completed a token sale worth approximately $178 million to Trump Media, the organization behind Truth Social.
Crypto.com’s initiative to secure an OCC charter places it among several prominent cryptocurrency entities, including Coinbase, Paxos, Ripple, Circle, and BitGo. With this license, the exchange aims to solidify its position as a leading custody service provider, particularly targeting Digital Asset Treasuries, Exchange Traded Funds (ETFs), and other corporate and institutional investors.
Recent data from The Block indicates that Crypto.com has outperformed its main competitor, Coinbase, in trading volume. In September, Crypto.com recorded $83.9 billion in volume, compared to Coinbase’s $78.9 billion. As of October, Crypto.com has continued this trend, processing $94.3 billion against Coinbase’s $80.5 billion.
The OCC, now led by Jonathan Gould, previously served as the chief legal officer at Bitfury. Under his leadership, the OCC has demonstrated a willingness to grant conditional approvals for banks involved in digital asset activities. For instance, the agency recently awarded a preliminary approval to Erebor Bank, a venture supported by investor Peter Thiel, highlighting a more accommodating regulatory environment for crypto-related banking ventures.
This recent application by Crypto.com and the OCC’s ongoing considerations bode well for the evolving landscape of cryptocurrency regulation in the United States, as firms in the sector increasingly seek to establish themselves within the traditional banking framework.
