Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Foris Dax National Trust Bank, enabling expanded custody and digital asset services under a federal framework. The national charter will consolidate custody services under a single federal framework overseen by federal regulators.
Crypto.com joined a growing list of firms that have received conditional approvals to become national banks, alongside BitGo, Circle, Ripple, Paxos and Fidelity Digital Assets. The company says the OCC approval would lay the groundwork to expand custody services within a federal regulatory regime.
The bank is planned to operate under the name Crypto.com National Trust Bank, doing business as Foris Dax National Trust Bank, as a limited‑purpose national trust bank. It will not take deposits or issue loans; instead it will provide custody, staking and settlement services for digital assets, including the Cronos blockchain.
Crypto.com already operates Crypto.com Custody Trust Co., a custodial entity regulated by the New Hampshire Banking Department, but OCC approval would place its institutional offerings under a single federal framework. In December, BitGo, Circle, Ripple, Paxos and Fidelity Digital Assets all received similar conditional approvals to become national banks.
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