Crypto.com Wins Initial Approval for U.S. Federally Regulated Crypto Custodian Bank

Crypto.com has taken a major step toward expanding its regulatory footprint in the United States after receiving conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a federally regulated national trust bank.

The approval allows the company to organize Foris Dax National Trust Bank, which is expected to operate as Crypto.com National Trust Bank if final authorization is granted. While the approval is conditional, it represents one of the most significant regulatory milestones in the company’s U.S. expansion strategy.

If the OCC grants full approval after all supervisory requirements are satisfied, the national trust bank would be authorized to provide digital asset custody services under federal oversight. In addition to custody, the charter would permit services such as digital asset settlement and certain staking-related functions — all within a federally regulated framework rather than a state-by-state licensing model.

Importantly, this type of charter does not authorize Crypto.com to operate as a traditional consumer deposit bank. National trust banks do not offer retail checking or savings accounts. Instead, they specialize in fiduciary, custody, and asset servicing activities — positioning them as infrastructure providers for institutions, asset managers, and high-net-worth clients seeking regulated crypto custody solutions.

Crypto.com initially filed its application for the charter in late 2025. The conditional approval signals regulatory progress at a time when institutional demand for compliant digital asset custody has continued to grow. Federal regulation through the OCC provides a standardized supervisory structure that many institutions view as more robust and predictable than navigating a patchwork of state money transmitter and trust licenses.

The company’s existing U.S. custody operations, currently regulated at the state level, will continue operating during the transition period. Full activation of the national trust bank will depend on meeting additional regulatory conditions and capital requirements outlined by the OCC.

This move places Crypto.com among a small but growing group of digital asset firms pursuing federal banking frameworks for custody and infrastructure services. As regulatory clarity in the U.S. continues to evolve, federally chartered crypto trust banks could become a cornerstone of institutional adoption — bridging traditional financial oversight with blockchain-native assets.

For the broader industry, the approval reflects continued integration between crypto firms and federal banking regulators. While conditional, it underscores a trend: major exchanges are increasingly opting to build directly inside the U.S. regulatory perimeter rather than around it.