Crypto.com has achieved conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank in the United States, marking a significant advancement in federal oversight for the digital asset exchange. This development will enable Crypto.com to provide institutional-grade services in custody, staking, and trade settlement under direct supervision from the OCC.
The new entity, named Foris Dax National Trust Bank, will operate as Crypto.com National Trust Bank upon receiving full authorization. It is designed as a limited-purpose national trust bank, focusing exclusively on digital-asset services, and will not accept deposits or issue loans. While this conditional approval allows Crypto.com to move forward with its plans, the company must fulfill several pre-opening requirements concerning capital, governance, risk controls, and internal policies before final authorization.
Currently, Crypto.com operates Crypto.com Custody Trust Company, a non-depository trust firm regulated by the New Hampshire Banking Department. The federal charter will complement this existing state-level entity, transforming it into a “one-stop” qualified custodian for institutions within a consolidated federal regulatory framework.
CEO Kris Marszalek commented on the approval, emphasizing the company’s dedication to compliance and the delivery of secure, regulated services to its customers. He stated, “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.” He added that this milestone brings the company closer to fulfilling the needs of leading institutions for a qualified custodian under stringent federal oversight.
In addition, Crypto.com aligns itself with a series of other digital-asset firms actively seeking national trust charters, including Circle Internet Group, Paxos, BitGo, and Fidelity Digital Assets. This movement towards federal oversight is particularly advantageous for institutional investors, as it offers regulatory clarity, simplifies compliance, and enhances confidence in digital-asset custody solutions.
In another notable venture, Marszalek recently acquired the AI.com domain for approximately $70 million in cryptocurrency. This acquisition, facilitated by broker Larry Fischer, is recognized as one of the largest domain name transactions in history, with the domain having previously been listed at $100 million. Plans for this domain include launching a consumer AI platform under the AI.com brand, showcasing Crypto.com’s broader ambitions beyond the realm of digital assets.
