Citadel-Backed EDX Seeks Federal Trust Status for Crypto Operations

EDX Markets, a cryptocurrency exchange backed by Citadel Securities, has filed an application with the Office of the Comptroller of the Currency (OCC) to obtain a national trust bank charter.

The proposed charter would permit EDX Markets to offer regulated custody, asset management, and principal trading services under federal supervision. The company aims to separate its custody and settlement functions from its trading operations, aligning with traditional financial market models.

According to EDX Markets, the trust model reflects established practices in equities and derivatives markets, where exchanges, brokers, custodians, and market makers operate separately to limit conflicts between trade execution and asset custody.