Nubank wins conditional U.S. banking approval as regulators reopen door to crypto

Latin America’s largest digital bank has taken steps toward being able to offer crypto custody in the U.S.

São Paulo-based Nu (NYSE: NU), which has 127 million customers, has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to branch in the United States, the bank announced on Thursday

Nubank said that once fully approved, the OCC would allow it to operate under a comprehensive federal framework, facilitating the launch of deposit accounts, credit cards, lending, and digital asset custody. It also said it has already begun working to establish hubs in Miami, the San Francisco Bay Area, Northern Virginia, and the North Carolina Research Triangle.

The approval comes as U.S. regulators signal a shift from enforcement-first oversight to broader supervision of crypto banking with the OCC publicly acknowledging that crypto “debanking” is a real concern and defending broader access for digital asset firms. It also highlights that fact that federally regulated institutions may soon offer crypto services under mainstream banking frameworks

The next steps for Nubank, while it receives the final green light, involve meeting specific OCC conditions and obtaining pending approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. During this phase, the company will focus on fully capitalizing the institution within 12 months and opening the bank within 18 months, as required by U.S. regulators.