Crypto.com cleared a major regulatory hurdle on its path to becoming a federally regulated custodian. Conditional approval is not final approval, and a checklist of requirements stands between Crypto.com and an open charter. Crypto.com announced it has received conditional OCC approval to charter Foris Dax National Trust Bank, to operate under the name Crypto.com National Trust Bank. The approval positions the exchange to offer institutional-grade custody, staking, and trade settlement services under direct federal oversight — a significant upgrade from its current state-regulated trust structure in New Hampshire.
“This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services they expect from Crypto.com,” said co-founder and CEO Kris Marszalek. “This milestone brings us a major step closer to meeting leading institutions’ needs for a one-stop-shop qualified custodian under a gold standard of federal oversight.” Crypto.com first submitted its OCC application in October 2025. The conditional approval does not affect the company’s existing Crypto.com Custody Trust Company, which continues to operate as a qualified custodian regulated by the New Hampshire Banking Department.
The national trust bank charter is narrower than a full bank charter. Crypto.com National Trust Bank will not accept deposits or issue loans. Instead, it will function as a limited-purpose trust bank offering digital asset custody, staking of custodied assets across multiple blockchains (including the company’s own Cronos network), and trade settlement — all under OCC oversight, per the press release. For institutional clients — ETF sponsors, asset managers, corporate treasuries, and registered investment advisors — the federal charter eliminates the compliance friction of working with a state-regulated custodian. A single federal framework simplifies due diligence, standardizes oversight expectations, and may lower the barrier for institutions that have been hesitant to engage with crypto-native custody providers.
Crypto.com joins a growing cohort of digital asset firms that have received conditional OCC trust charters in recent months, including Circle, Ripple, BitGo, Fidelity Digital Assets, Paxos, and Stripe-owned Bridge. Coinbase and Trump-affiliated World Liberty Financial have also filed applications, as reported by Decrypt. Conditional approval is a green light to start building, not to open for business. Regulatory and banking industry groups advocate careful, transparent standards as crypto-native firms gain access to federal oversight.
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