Policy Share Share this article Copy linkX (Twitter)LinkedInFacebookEmail Crypto.com wins initial approval for U.S. fed Policy Share Share this article Copy linkX (Twitter)LinkedInFacebookEmail Crypto.com wins initial approval for U.S. fed

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

2026/02/23 23:21
4 min read
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail

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

The national trust charter institution would consolidate custody services under a single framework under federal oversight.

By Francisco Rodrigues, AI Boost|Edited by Sheldon Reback
Feb 23, 2026, 3:21 p.m.
Make us preferred on Google
(Jesse Hamilton/Coindesk)

What to know:

  • 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.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters
Sign me up

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.

Crypto.comOCC
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

More For You

KuCoin told to halt new EU business due to compliance staffing shortfalls

Austria's financial regulator said KuCoin EU must appoint an anti-money-laundering officer and deputy officer, as well as a sanctions compliance officer and deputy.

What to know:

  • 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.
Read full story
Latest Crypto News

Trump-linked stablecoin wobbles as WLFI says it's under 'coordinated attack'

Anthony Pompliano led Procap Financial dips toe into buybacks

Elliptic flags Russia-linked crypto platforms’ ongoing sanctions evasion

CoinDesk 20 performance update: AAVE gains 1.7% while index trades lower over weekend

BitMine Immersion added $98 million of ether last week as losses balloon to more than $8 billion

U.S. Treasury may boost T-Bill issuance as stablecoins eye $2 trillion market cap: StanChart

Top Stories

Bitcoin stabilizes after overnight crypto rout, bouncing to $66,000

Strategy logs 100th bitcoin purchase announcement, adding 592 coins last week for $39.8 million

Bitcoin ETFs bleed $3.8 billion in historic five-week outflow streak

Ethereum's cofounder Vitalik Buterin sells more ether while prices continues to slide

To freeze or not to freeze: Satoshi and the $440 billion in bitcoin threatened by quantum computing

Tariff travails resurface, bitcoin holders prepare for declines

Market Opportunity
Lorenzo Protocol Logo
Lorenzo Protocol Price(BANK)
$0.03748
$0.03748$0.03748
-1.73%
USD
Lorenzo Protocol (BANK) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

OpenVPP accused of falsely advertising cooperation with the US government; SEC commissioner clarifies no involvement

OpenVPP accused of falsely advertising cooperation with the US government; SEC commissioner clarifies no involvement

PANews reported on September 17th that on-chain sleuth ZachXBT tweeted that OpenVPP ( $OVPP ) announced this week that it was collaborating with the US government to advance energy tokenization. SEC Commissioner Hester Peirce subsequently responded, stating that the company does not collaborate with or endorse any private crypto projects. The OpenVPP team subsequently hid the response. Several crypto influencers have participated in promoting the project, and the accounts involved have been questioned as typical influencer accounts.
Share
PANews2025/09/17 23:58
China Blocks Nvidia’s RTX Pro 6000D as Local Chips Rise

China Blocks Nvidia’s RTX Pro 6000D as Local Chips Rise

The post China Blocks Nvidia’s RTX Pro 6000D as Local Chips Rise appeared on BitcoinEthereumNews.com. China Blocks Nvidia’s RTX Pro 6000D as Local Chips Rise China’s internet regulator has ordered the country’s biggest technology firms, including Alibaba and ByteDance, to stop purchasing Nvidia’s RTX Pro 6000D GPUs. According to the Financial Times, the move shuts down the last major channel for mass supplies of American chips to the Chinese market. Why Beijing Halted Nvidia Purchases Chinese companies had planned to buy tens of thousands of RTX Pro 6000D accelerators and had already begun testing them in servers. But regulators intervened, halting the purchases and signaling stricter controls than earlier measures placed on Nvidia’s H20 chip. Image: Nvidia An audit compared Huawei and Cambricon processors, along with chips developed by Alibaba and Baidu, against Nvidia’s export-approved products. Regulators concluded that Chinese chips had reached performance levels comparable to the restricted U.S. models. This assessment pushed authorities to advise firms to rely more heavily on domestic processors, further tightening Nvidia’s already limited position in China. China’s Drive Toward Tech Independence The decision highlights Beijing’s focus on import substitution — developing self-sufficient chip production to reduce reliance on U.S. supplies. “The signal is now clear: all attention is focused on building a domestic ecosystem,” said a representative of a leading Chinese tech company. Nvidia had unveiled the RTX Pro 6000D in July 2025 during CEO Jensen Huang’s visit to Beijing, in an attempt to keep a foothold in China after Washington restricted exports of its most advanced chips. But momentum is shifting. Industry sources told the Financial Times that Chinese manufacturers plan to triple AI chip production next year to meet growing demand. They believe “domestic supply will now be sufficient without Nvidia.” What It Means for the Future With Huawei, Cambricon, Alibaba, and Baidu stepping up, China is positioning itself for long-term technological independence. Nvidia, meanwhile, faces…
Share
BitcoinEthereumNews2025/09/18 01:37
Crypto News: Pepeto Announces $7.3M raised Fast Positioning as the BNB of Meme Coins While Bitcoin Price Prediction Models Target $225,000

Crypto News: Pepeto Announces $7.3M raised Fast Positioning as the BNB of Meme Coins While Bitcoin Price Prediction Models Target $225,000

Pepeto has crossed $7.556 million in presale funding and confirmed its positioning as the first dedicated infrastructure layer for the $45 billion meme coin economy
Share
Techbullion2026/02/28 04:13