Crypto.com gets conditional OCC approval for US trust bank
6.6 Banking Crypto.com received conditional OCC approval to establish a U.S. trust bank for regulated digital asset custody. Full operations await further regulatory steps. One report suggests the status may still be pending.
Crypto.com has received conditional approval from the Office of the Comptroller of the Currency (OCC) to charter Foris Dax National Trust Bank, which will operate as Crypto.com National Trust Bank in the U.S. This preliminary approval allows Crypto.com to advance its plans to become a federally supervised national trust institution, offering regulated custodial services, staking, and trade settlement for digital assets under OCC oversight. However, this conditional approval does not grant full banking privileges yet. Crypto.com must meet additional requirements related to capital, governance, and risk management before final approval is granted. The trust bank aims to provide institutional-grade custody and support for multiple blockchains, including Cronos. A recent report notes that no official OCC notice has been published, indicating the status may still be under review. Crypto.com joins other firms pursuing similar federal charters, reflecting a broader trend toward increased regulatory oversight in the digital asset industry.
