Crypto.com wins initial approval for U.S. federally regulated crypto custodian bank

• Crypto.com received conditional U.S. approval to establish Foris Dax National Trust Bank, enabling expanded custody and digital asset services under federal oversight.
• The national charter would consolidate custody services under a single framework under federal oversight.
• Crypto.com joins a growing list of firms, including BitGo, Circle, Ripple, and Paxos, that have received conditional approvals for national trust bank charters in recent months.

Crypto.com said it received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, setting the stage for the exchange to expand its custody services under federal oversight.

The planned Foris Dax National Trust Bank, doing business as Crypto.com National Trust Bank, would operate as a limited-purpose national trust bank. It would not accept deposits or issue loans, instead offering services such as custody, staking and trade settlement for digital assets, including those on its in-house Cronos blockchain.

While Crypto.com already runs a qualified custodian, Crypto.com Custody Trust Co., regulated by New Hampshire’s banking department, the OCC charter brings its institutional offerings under a single federal framework.

That matters for issuers of exchange-traded funds (ETFs), asset managers and other institutional clients, who often prefer custodians with national oversight, which can streamline compliance and operational processes.

The national charter offers that one-stop-shop structure, though only for trust services, not for traditional banking.

Crypto.com filed its application with the OCC in October. While conditional approval is not final, it marks a significant step forward. Last week, Striple’s stablecoin firm Bridge won initial approval to form a national trust bank as well.

These approvals see the firms join a growing group of crypto firms looking to build within a federal framework. In December BitGo, Circle, Ripple, Paxos, and Fidelity Digital Assets all received similar conditional approvals.

• The Austrian regulator said KuCoin EU no longer has suitable key function holders for anti-money laundering, terrorist financing compliance and financial sanctions roles.
• The FMA granted KuCoin approval under the Markets in Crypto Assets regime in November.

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