Crypto.com will be able to offer its custody and trading services to US businesses and banks, but now under a federally regulated banking company.
Crypto.com has become a US federally regulated bank after receiving conditional approval for a charter licence from the Office of the Comptroller of the Currency (OCC) on 23 February.
The crypto exchange will operate as Foris Dax National Trust Bank (doing business as Crypto.com National Trust Bank), and will be subject to comply with the OCC’s regulations, such as the Bank Secrecy Act and anti-money laundering guidelines.
With this licence, Crypto.com’s chartered bank will be able to offer digital asset custody services, staking of assets across multiple blockchain networks, and trade settlements to US businesses and other banks.
The company confirmed in a statement the national charter trust bank will have “no impact” on the Crypto.com Custody Trust Company. The trust company was launched in December 2024 and regulated by the New Hampshire Banking Department.
“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,” said Kris Marszalek, Co-Founder and CEO of Crypto.com.
“This milestone brings us a major step closer to meeting leading institutions’ needs for a one-stop-shop qualified custodian under a gold standard of federal oversight.”
Crypto.com submitted its charter licence application with the OCC in October 2025, becoming the latest digital asset firm to gain approval after Stripe-owned Bridge received its licence on 17 February.
What is a charter bank, and why are crypto firms applying?
A litany of digital asset companies, such as Coinbase, Ripple and Crypto.com, alongside digital banks like Nubank, have applied for charter bank licences from the OCC in the last several months.
In order to become a recognised and federally regulated US bank, an entity must obtain a charter licence from the OCC.
Firms must submit an application that outlines its future business plans, capital profitability and liquidity projections, as well as evidence of funding and background checks on leading executives and directors.
There are three different charter licences crypto companies and fintechs can apply for: national and/or state bank charters, fintech and/or special purpose charters, and an industrial loan company charter.
Successful applicants, such as Crypto.com, will be required to follow Federal Deposit Insurance Corporation (FDIC) requirements for deposits used to fund loans, which is typically set at a minimum of $250,000.
Referencing Coinbase’s OCC application, digital asset companies are applying to become federally regulated banks to become more trusted and compliant entities in order to draw in customers to their new crypto banking solutions.
In its bid to establish Coinbase National Trust Charter (CNTC), the company stated to the OCC in its application will include Prime Vault – a digital asset storage for on-chain wallets – and Prime Custody – an omnibus wallet that holds fiat and digital currencies to trade with – as well as access to staking,financing, and trading services offered by other Coinbase entities.
“Since the company’s founding, Coinbase has always distinguished itself through its strong commitment to trust, security and compliance with strong regulatory standards,” said Coinbase in its filing. “That commitment remains at the heart of Coinbase’s identity and how we do business.”
“This application to charter CNTC is the next step in our journey, as we look ahead to new opportunities to continue driving innovation under federal regulation.”
