Crypto.com Becomes First Crypto Exchange to Secure U.S. National Trust Bank Charter

Key Insights

• OCC has granted Crypto.com a conditional approval for its Federal Trust Bank Charter.
• The company has now become the first crypto exchange to get that approval and plans to launch federally regulated custodial services.
• The OCC has been busy granting conditional approvals for the US National Trust Bank charters to crypto firms despite pushback from banks.

Crypto.com has become the first cryptocurrency exchange to secure a banking charter. This follows a conditional approval from the Office of the Comptroller of the Currency (OCC).

The exchange disclosed the approval in a blog statement, noting the OCC approved the charter for Foris Dax National Trust Bank.

Crypto.com Set to Offer Federally Regulated Custody Services

With the exchange now receiving conditional approval, it plans to offer custodial services as a federally regulated institution. According to the announcement, the conditional approval now means it has passed a major milestone in the process.

The exchange aims to offer several services as a National Trust Bank, including custody, staking, and trade settlement.

Interestingly, it is already licensed by the New Hampshire Banking Department as a nondepository trust company. This allows it to operate as a Qualified Custodian in the state. While the new conditional charter will not affect that license, it will expand its regulatory compliance status.

Speaking on the approval, Crypto.com CEO Kris Marszalek stated that it reflects the exchange’s commitment to compliance and trusted service.

He said:

“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.”

More Crypto Companies Get OCC Conditional Charter

While Crypto.com is the first exchange to get conditional approval, it is not the first crypto-based firm. Others, such as Ripple, Circle, Bridge and Paxos, also have conditional charters.

Interestingly, more approvals could be on the way with Coinbase and World Liberty Financial also having pending applications. The World Liberty application has attracted scrutiny due to President Donald Trump’s involvement with the project, prompting calls for the OCC to reject it.

However, the regulators’ approval of conditional charters for crypto firms has also drawn criticism from traditional banks. Earlier this month, the American Bankers Association (ABA) wrote to the OCC urging a slowdown in charter approvals for crypto firms.

In the letter, the bank lobby group said the OCC needs to ensure that robust rules are in place first and warned that legislation such as the GENIUS Act is not fully ready. The group believes giving these crypto firms access to Fed infrastructure could cause systemic risks.

Interestingly, ABA also asked that non-bank trust companies not use the word “bank,” as this could lead to misrepresentation of their services or status. The letter is only the latest in a series of pushback against crypto from the bank lobbying group, which has stalled progress on the crypto market structure bill.

However, there are no signs that the OCC is heeding the calls from banking lobbyists. The conditional approval for Crypto.com comes only five months after the exchange applied in October 2025.

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