Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, moving the exchange closer to becoming a federally regulated digital asset custodian focused on custody, staking, and trade-settlement services.
The decision, announced February 23, 2026, by the U.S. Office of the Comptroller of the Currency (OCC), positions the firm alongside major crypto players seeking federal legitimacy and institutional trust.
The approval allows Crypto.com to move closer to becoming a federally regulated digital asset custodian in the United States.
However, the development comes amid ongoing scrutiny tied to larger crypto-industry probes, highlighting the tension between regulatory acceptance and enforcement oversight.
OCC approval moves Crypto.com closer to regulated banking status
The OCC granted Crypto.com conditional approval to establish Foris Dax National Trust Bank, a specialized banking entity focused on custody and settlement services for digital assets.
Unlike traditional banks, the proposed institution will not accept cash deposits or issue loans but will operate under federal oversight once final conditions are met.
According to the company, the approval enables Crypto.com to provide custody, staking, and trade-settlement services within a regulated framework.
“This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services.” Kris Marszalek, Co-Founder and CEO, Crypto.com, in a company statement.
The exchange first applied for the charter in October 2025, joining a growing list of crypto firms pursuing federal trust bank status as regulators gradually clarify digital-asset oversight rules.
If finalized, the charter would place Crypto.com directly under OCC supervision, aligning it more closely with traditional financial institutions and potentially expanding access to institutional capital markets.
Crypto firms race toward federal legitimacy
Crypto.com is not alone in pursuing regulated banking status. Industry competitors including Ripple, Circle, Paxos, and Fidelity Investments have also received conditional approvals for national trust bank charters.
Analysts say the trend reflects a maturation phase for the crypto sector, where compliance infrastructure is becoming a competitive advantage rather than a burden.
A Reuters report noted that national trust bank charters are increasingly viewed as essential for crypto-native firms seeking institutional adoption and deeper integration with traditional finance.
“Such charters are key for crypto-native companies to attract institutional clients and integrate more deeply with the traditional financial system.” Industry analysts told Reuters.
Unlike state-level licenses, a federal charter provides nationwide operational clarity, a factor long requested by institutional investors wary of fragmented U.S. crypto regulations.
What the approval means for crypto investors
1. Institutional adoption may accelerate
Federally regulated custody services reduce counterparty risk concerns, one of the biggest barriers preventing pension funds and asset managers from entering crypto markets.
2. Greater regulatory clarity
Operating under OCC supervision could strengthen investor confidence by imposing banking-grade compliance standards.
3. Industry consolidation pressure
Smaller exchanges without regulatory pathways may struggle to compete as institutional capital gravitates toward compliant platforms.
The proposed trust bank will primarily focus on safeguarding digital assets and facilitating settlement rather than offering retail banking services.
That distinction reflects regulators’ cautious approach: allowing crypto infrastructure to evolve without granting full banking privileges.
A turning point for crypto’s relationship with traditional finance
Crypto.com’s conditional charter approval highlights a broader transformation underway across the digital asset industry.
After years defined by regulatory clashes and market volatility, major exchanges are increasingly seeking legitimacy through federal supervision.
The next phase of market growth may depend less on speculative innovation and more on regulatory alignment.
Whether Crypto.com ultimately secures full approval, and how ongoing regulatory probes shape the landscape, could influence how quickly cryptocurrencies move from alternative assets into the core architecture of global finance.
About the Author
