Crypto.com Applies for U.S. National Trust Bank License
According to Crypto.com’s official announcement, the OCC charter application aims to expand federally supervised custody and trust services for institutions, aligning with a broader trend among major crypto firms pursuing national trust bank status.
Crypto.com announced it has filed an application with the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter to broaden its federally supervised custody and trust services for institutional clients, including ETF sponsors, corporates, and advisers. The company clarified that the filing does not impact operations at its New Hampshire–chartered Crypto.com Custody Trust Company. National trust banks, supervised by the OCC, provide custody and fiduciary services nationwide without offering FDIC-insured deposits or traditional loans. The OCC application follows similar moves in 2025 by Coinbase, which sought to organize Coinbase National Trust Company, and Circle, which applied to establish First National Digital Currency Bank, N.A. Past OCC approvals for Anchorage Digital Bank and Paxos National Trust in 2021 came with bespoke conditions. The filing targets institutional asset custody rather than retail banking services.
- Custody-Service Business: A financial service that securely holds digital or traditional assets on behalf of institutional or retail clients.
- Bank Charter: A legal authorization granted by a government regulator allowing a financial institution to operate as a bank within a specific jurisdiction.
- National Trust Bank: A limited-purpose national bank supervised by the OCC that provides fiduciary and custody services nationwide without traditional deposit-taking or lending.