Crypto.com has become the latest platform from the digital assets industry to make inroads into U.S.’ traditional banking ecosystem. The exchange on Monday said that the Office of the Comptroller of the Currency (OCC) has approved it to charter the Foris Dax National Trust Bank, doing business as Crypto.com National Trust Bank.
For now, the OCC’s approval is conditional. Crypto.com still has more documentation and compliance processes for completion before it secures the full licence. Once this approval is completed, the platform plans to offer crypto custody, settlement, and staking services as a federally-regulated institute — clear to operate uniformly across the U.S.
“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,” said Kris Marszalek, co-founder and CEO of Crypto.com, commenting on the development.
As per Crypto.com’s announcement, it had applied for this approval back in October 2025. Around the same timeline, crypto infrastructure firm BitGo had also submitted an application with the OCC, which was also approved earlier this month.
Ripple, Circle, Paxos, Fidelity are other names from the crypto space that have acquired conditional national bank charter approvals from the OCC last year, with the Anchorage Digital Bank having gone fully operational this year.
In light of this elongating list of crypto firms getting into traditional finance ecosystems, the banking associations in the U.S. have expressed concerns.
Earlier this month, the American Bankers Association (ABA) urged the OCC to halt the issuance of fresh national trust bank charters for crypto firms. In an letter addressed to the OCC, the ABA pointed out that certain parameters of the GENIUS act are yet to be finalized and rolled out completely. The letter also reminded the OCC that if an uninsured bank fails to take off after obtaining its approval, the OCC itself will be held responsible for dealing with the aftermath.
The OCC’s response to ABA’s letter remains awaited still. It has been receiving similar requests since last year from organisations like the America’s Credit Unions, Consumer Bankers Association, Independent Community Bankers of America, and the National Bankers Association among others.