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Crypto.com has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank, the exchange announced Monday.
Foris Dax National Trust Bank — doing business as Crypto.com National Trust Bank — would operate as a limited-purpose national trust bank under federal oversight. It would offer custody, staking, and trade settlement services for digital assets, including those on the company's in-house Cronos blockchain.
The bank would not accept deposits or issue loans.
"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 co-founder and CEO Kris Marszalek. "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."
Why it matters
Crypto.com already operates a qualified custodian regulated by New Hampshire's banking department. The OCC charter brings its institutional offerings under a single federal framework.
That matters for ETF issuers, asset managers, and other institutional clients who often prefer custodians with national oversight.
Crypto.com joins a growing list of crypto firms securing national trust bank approvals.
In December, BitGo, Circle, Ripple, Paxos, and Fidelity Digital Assets all received similar conditional approvals. Last week, Stripe's stablecoin firm Bridge won initial approval as well.
Coinbase and World Liberty Financial — the crypto venture backed by President Trump — have also filed applications. World Liberty's request has drawn pushback from House Democrats over national security concerns given the Trump family's involvement.
The wave of applications followed two key shifts: the OCC's May decision affirming banks can hold crypto assets, and the July signing of the GENIUS Act.
But traditional banking groups are urging the OCC to slow approvals, arguing safety standards must be maintained.
