Crypto.com gains conditional OCC nod for trust bank charter

• Lyla Velez
• February 24, 2026
• News
• 0 Comments

Key Points:

• Receive conditional OCC nod to form Foris Dax National Trust Bank.
• Begin federally supervised preparation for digital-asset custody operations under oversight.
• Consolidate U.S. custody services framework pending satisfaction of OCC conditions.

Crypto.com said it received conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, according to Reuters (https://www.reuters.com/business/finance/cryptocom-gets-conditional-us-approval-national-trust-bank-charter-2026-02-23/). The determination sets the stage for federally supervised digital-asset custody, as reported by Bitcoin Magazine (https://bitcoinmagazine.com/news/crypto-com-receives-conditional-approval).

The approval clears a path to charter Foris Dax National Trust Bank, as reported by PYMNTS (https://www.pymnts.com/cryptocurrency/2026/crypto-com-wins-conditional-approval-for-us-banking-charter/). It remains a preliminary step rather than full licensure.

A national charter would consolidate the firm’s U.S. custody services under one framework with federal oversight, as per CoinDesk (https://www.coindesk.com/policy/2026/02/23/crypto-com-approved-for-u-s-federally-regulated-crypto-custodian-bank). Operational launch still depends on satisfying all conditions the OCC imposes before final authorization.

Scope of a national trust bank charter, at a glance

In practical terms, a national trust bank charter is designed to enable regulated custody of digital assets, with supervision by the OCC; consolidation under a single federal framework can simplify how institutional clients access custody and related settlement services, as per CoinDesk (https://www.coindesk.com/policy/2026/02/23/crypto-com-approved-for-u-s-federally-regulated-crypto-custodian-bank). Industry coverage also notes the potential for a federally regulated custodian to streamline institutional workflows across products that touch digital assets. Any expanded service set would still be bounded by the conditions embedded in the OCC’s green light.

Traditional bank trade groups have warned that such charters could let crypto firms conduct bank-like activities without bearing all banking obligations, according to the ICBA and the Bank Policy Institute. Their critiques focus on avoiding FDIC insurance and Community Reinvestment Act requirements, as well as potential regulatory arbitrage concerns.

Against that debate, company leadership has framed the step as an institutional readiness milestone under federal supervision. “A major milestone toward becoming the qualified custodian of choice,” said Kris Marszalek, Co-founder & CEO, at Crypto.com.

Conditions, safeguards, and remaining hurdles

Conditional approvals are meaningful but preliminary; applicants must still meet requirements around capital, risk management, and governance before fully operating, as summarized by BanklessTimes (https://www.banklesstimes.com/articles/2026/02/23/crypto-com-receives-conditional-occ-approval-for-national-trust-bank-charter/). Those steps typically include standing up compliant control functions, independent oversight, and tested operational resilience appropriate to the charter’s scope.

Consumer and community advocates have urged caution. The National Community Reinvestment Coalition opposed the application, citing compliance history, consumer protection risks, governance, and the potential for reputational advantages without CRA obligations to disadvantage community banks (https://ncrc.org/ncrc-comment-in-opposition-to-crypto-coms-national-trust-charter-application/). They argue the OCC should scrutinize whether benefits to market integrity outweigh possible harms to underserved communities.

Legal-policy commentary has questioned whether using national trust bank charters for crypto custody, stablecoin-related functions, or settlement stretches statutory intent, as analyzed by Forbes (https://www.forbes.com/sites/pamkaur/2025/12/12/why-the-occs-crypto-bank-charter-push-looks-deregulatory/). If legal boundaries are tested, applicants could face heightened oversight or legal risk alongside operational requirements.

The decision also lands amid political scrutiny tied to World Liberty Financial (WLFI). Senator Elizabeth Warren has urged the OCC to halt or delay review of the WLFI charter unless divestment concerns are addressed, according to the U.S. Senate Banking Committee website (https://www.banking.senate.gov/newsroom/minority/warren-statement-on-occs-proceeding-with-review-of-bank-charter-application-submitted-by-trumps-crypto-company-world-liberty-financial). While separate from Crypto.com’s case, that backdrop may influence timelines and the stringency of safeguards regulators expect.