Crypto.com Closes In On Full Bank Status With Conditional Approval From OCC

Crypto.com has made significant progress towards becoming a fully-fledged bank after receiving conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank.

The OCC's approval allows Crypto.com to charter Foris Dax National Trust Bank, which will operate under the name Crypto.com National Trust Bank once it secures full authorization. This development is in line with the company's focus on regulatory compliance and customer protection, as stated by Kris Marszalek, Co-Founder and CEO of Crypto.com.

The approval is part of a growing trend in the digital asset sector, with several major firms pursuing similar regulatory pathways. Other notable applicants include Circle, Ripple, BitGo Bank & Trust, Fidelity Digital Assets, Paxos Trust Company, and Bridge – a stablecoin infrastructure provider owned by Stripe. If finalized, these charters would allow crypto companies to hold and manage customer assets directly, potentially streamlining payment processing and accelerating settlement times.

The American Bankers Association (ABA) has expressed concerns about the OCC's recent approvals, urging the regulator to pause further applications until there is greater clarity surrounding the regulatory framework tied to the GENIUS Act. The ABA cites unresolved safety and soundness concerns, including segregation of customer assets, potential conflicts of interest, alleged cybersecurity risks, operational resilience, and how such institutions would be handled in the event of failure.