Crypto.com wins OCC approval for federally regulated crypto custodian bank

CoinDesk

by Francisco Rodrigues

February 23, 2026

AI-Generated Deep Dive Summary

Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, Foris Dax National Trust Bank, which will operate as Crypto.com National Trust Bank. This new entity will focus on digital asset custody, staking, and trade settlement under federal oversight, marking a significant milestone for the company. While Crypto.com already operates a qualified custodian, Crypto.com Custody Trust Co., regulated by New Hampshire’s banking department, the OCC charter consolidates its institutional services under a single federal framework. This move is particularly beneficial for issuers of exchange-traded funds (ETFs), asset managers, and other institutional clients who often prefer federally regulated custodians for streamlined compliance processes. The national trust bank will not engage in traditional banking activities like accepting deposits or issuing loans. Instead, it will specialize in digital asset services, including those on Crypto.com’s Cronos blockchain. The OCC approval positions Crypto.com as a key player in the institutional crypto space, aligning with growing trends among crypto firms to operate within federal regulatory frameworks. Last week, another major stablecoin issuer, Bridge (owned by Striple), also received conditional approval to form a national trust bank. These developments highlight a broader shift in the crypto industry, with companies increasingly seeking to build compliance and credibility under federal oversight. This approval is part of a larger trend, with several prominent firms like BitGo, Circle, Ripple, Paxos, and Fidelity Digital Assets receiving similar conditional approvals in December. The OCC’s decision underscores the importance of regulatory clarity for crypto custody services, which are critical for institutional investors and asset managers. By operating under a federal charter, Crypto.com can offer a one-stop-shop structure for its institutional clients, simplifying compliance processes and enhancing trust in its services. For readers interested in crypto, this development matters

Verticals

cryptofinance

Originally published on CoinDesk on 2/23/2026