Citadel Securities-Backed Bitcoin and Crypto Exchange Applies to Become a National Trust Bank
According to a public filing, EDX Markets has applied for an OCC national trust bank charter to expand crypto custody and settlement services for large banks under a single federal regulator.
EDX Markets, the digital asset exchange backed by Citadel Securities, has applied to the Office of the Comptroller of the Currency for a national trust bank charter, according to a public filing disclosed Wednesday. CEO Tony Acuña-Rohter told Bloomberg the company expects large banks to drive the next phase of crypto adoption and said an OCC trust charter would strengthen EDX’s ability to serve those institutions. EDX argued in its application that many digital-asset platforms combine brokerage, exchange, market-making, and custody functions in ways that can create conflicts of interest and single points of failure. The company said placing custody, asset management, and trade settlement into an OCC-chartered trust bank would offer a more secure regulatory structure and better align crypto market infrastructure with traditional financial market separation of duties. The application comes amid broader debate over crypto trust charters, with some banks and industry groups warning of regulatory and consumer risks, while OCC leadership says new entrants can increase competition and expand financial services.
- OCC: The Office of the Comptroller of the Currency is the U.S. regulator that supervises national banks and can grant national trust bank charters.
- National trust bank: A federally chartered institution focused on fiduciary, custody, and related financial services, allowing operations across state lines under OCC oversight.
- Custody: The safekeeping and administration of client assets, a key institutional service in digital asset markets.