Crypto.com Moves Closer To Full Bank Status With Conditional US Charter Approval

Crypto.com has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The firm said that the approval allows the company to charter Foris Dax National Trust Bank, which will operate under the name Crypto.com National Trust Bank once it secures full authorization. 

Crypto.com Advances Regulated Custody Plans

Kris Marszalek, Co‑Founder and CEO of Crypto.com, described the development as a reflection of the company’s focus on regulatory compliance and customer protection. 

According to Marszalek, achieving full approval would position the firm as a “one‑stop shop” qualified custodian operating under what he characterized as a gold standard of federal supervision.

The company said it intends to provide custody, asset staking across multiple blockchains and digital asset protocols — including its Cronos network — as well as trade settlement services within a regulated framework.

Yet, Crypto.com is not alone in pursuing this regulatory pathway. Over the past year, the OCC has approved national trust charter applications from several major digital asset firms, including Circle’s First National Digital Currency Bank, Ripple National Trust Bank, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company. 

More recently, Bridge — a stablecoin infrastructure provider owned by Stripe — said it also secured conditional approval to establish a national trust bank.

If finalized, these charters would allow crypto companies to hold and manage customer assets directly, potentially streamlining payment processing and accelerating settlement times. However, the OCC’s recent approvals have drawn scrutiny from traditional banking groups. 

ABA Urges OCC To Halt Crypto Trust Bank Approvals

The American Bankers Association (ABA) last week called on the OCC to pause further approvals for crypto and stablecoin firms until there is greater clarity surrounding the regulatory framework tied to the GENIUS Act. 

The ABA urged the regulator not to move forward with applications if the full scope of regulatory obligations — including requirements that may arise under future GENIUS Act rulemaking — has not been clearly defined.

In its comments, the association cautioned that uninsured national trust banks focused primarily on digital assets present unresolved safety and soundness concerns. 

Among the issues cited were the segregation of customer assets, potential conflicts of interest, alleged cybersecurity risks, operational resilience, and how such institutions would be handled in the event of failure.

Meanwhile, interest in national trust bank status continues to grow within the digital asset sector. In January, World Liberty Financial (WLFI) said that one of its subsidiaries had filed an application to form a national trust bank centered on stablecoin operations.

However, at the time of writing, the exchange’s native token, CRO, was trading at $0.074, according to CoinGecko data, registering a 20% loss in the monthly time frame. 

Featured image from OpenArt, chart from TradingView.com