Crypto.com Secures Conditional Approval for National Bank Trust Charter

By: Isha Das

Crypto.com, a leading cryptocurrency exchange, has achieved a significant milestone by securing conditional approval for a national bank trust charter from the United States Office of the Comptroller of the Currency (OCC). This approval marks a significant step for Crypto.com as it seeks to establish itself as a federally regulated institution capable of providing custody services for digital asset treasuries and exchange-traded funds across the United States.

The Office of the Comptroller of the Currency, responsible for overseeing all national banks and federal savings associations, has been signaling a favorable stance towards crypto firms, having previously granted conditional approvals to other major crypto companies. The approval for Crypto.com aligns with the OCC's recent measures designed to integrate crypto firms into the traditional financial system, ensuring they meet compliance and regulatory standards.

Once fully approved, Crypto.com aims to operate as a custodian, subject to OCC oversight, offering secure and trusted services to its customers. Kris Marszalek, co-founder and CEO of Crypto.com, emphasized the company’s dedication to compliance and customer security, viewing the conditional approval as a testament to their continued commitment. While Coinbase and other applicants await their outcomes, Crypto.com’s progress sets it apart, indicating the potential for more robust partnerships and offerings in the crypto banking space.

By obtaining this approval, Crypto.com joins the ranks of other notable crypto firms like Circle and Ripple, which have similarly sought to expand their operations under federal oversight. The move is expected to enhance confidence among institutional investors and pave the way for broader adoption of digital currencies and blockchain technologies in mainstream finance. For more information on Crypto.com's services, you can visit their official announcement.