Crypto.com has announced it has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, marking a significant development for the exchange as it aims to enhance its custody services under federal regulation. The forthcoming institution, to be called Foris Dax National Trust Bank and operating under the name Crypto.com National Trust Bank, will function as a limited-purpose national trust bank.
Unlike traditional banks, this trust bank will not accept deposits or issue loans. Instead, it will focus on offering custody services, staking, and trade settlement for various digital assets, including those associated with its proprietary Cronos blockchain. Although Crypto.com already manages an established custodian—Crypto.com Custody Trust Co., which is regulated by New Hampshire’s banking department—the approval from the OCC allows the company to streamline its institutional service offerings within a singular federal oversight framework.
This national charter is particularly significant for issuers of exchange-traded funds (ETFs), asset managers, and other institutional clients. Many of these organizations prefer custodians that operate under national oversight for compliance and operational efficiency reasons. The national structure provided by the trust bank will serve as a one-stop shop for trust services, albeit limited to that scope and not extending into traditional banking practices.
Crypto.com initially submitted its application to the OCC in October and, while conditional approval is not yet final, it represents a noteworthy advancement in the company’s ambitions. The approval also aligns with a broader trend, as evidenced by recent developments in the crypto sector. Just last week, Striple’s stablecoin firm Bridge secured initial approval to establish a national trust bank, joining a collective of companies in the cryptocurrency industry increasingly looking to operate within a federal framework.
Notably, in December, several significant players in the crypto space—including BitGo, Circle, Ripple, Paxos, and Fidelity Digital Assets—received similar conditional approvals, reflecting a growing acceptance and regulatory alignment within the industry. This trend indicates a potential shift towards more robust and regulated operational models for cryptocurrency firms, enhancing their credibility and reliability in the eyes of institutional investors.
