The U.S. Office of the Comptroller of the Currency has granted Crypto.com conditional approval to charter Foris Dax National Trust Bank, to operate as Crypto.com National Trust Bank, the company announced Monday.
Theapproval, which is not yet final, would eventually allow Crypto.com to offer federally regulated custody, staking across multiple blockchains, and trade settlement services under OCC supervision.
Crypto.com submitted its application in October 2025, citing plans to custody digital asset treasuries, exchange-traded funds, and other institutional holdings.
What the Approval Covers
Under the conditional charter, Crypto.com would operate Foris Dax National Trust Bank as a limited-purpose national trust institution - not a full commercial bank.
Services would include custody, staking of assets across protocols including Cronos, and trade settlement for institutional clients. Conditional approval requires the firm to satisfy additional OCC requirements on capital, governance, and compliance before commencing operations.
The company's existing New Hampshire-regulated entity, Crypto.com Custody Trust Company, continues to operate unchanged as a qualified custodian under state oversight.
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The Broader Regulatory Wave
Crypto.com joins a growing cohort of cryptocurrency firms that have received conditional OCC approvals in recent months. Circle (USDC), Ripple (XRP), BitGo, Fidelity Digital Assets, and Paxos received conditional approvals in late 2025.
Coinbase and World Liberty Financial (WLFI) have also filed applications.
The wave followed the OCC's May 2025 affirmation that banks may hold cryptocurrency for customers and the July 2025 signing of the GENIUS Act regulating stablecoin issuance.
The American Bankers Association has pressed the OCC via a comment letter to delay further approvals until the GENIUS Act framework is fully implemented, warning that standards must be "robust and broadly applicable."
For asset managers and ETF issuers that require federally regulated custodians, an OCC-chartered trust bank carries more institutional weight than state-level licenses - giving firms that clear the process a structural advantage in competing for institutional mandates.
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