The U.S. Office of the Comptroller of the Currency (OCC) has granted Crypto.com conditional approval to operate as a national trust bank. A new company, Foris Dax National Trust Bank, will be covered by the charter; once fully authorized, it will operate as Crypto.com National Trust Bank.
What the OCC’s Conditional Approval Allows
The OCC’s ruling is a preliminary approval that permits Crypto.com to proceed with its plans to function as a national trust bank subject to federal regulation, but it does not yet authorize full banking activities. The company must still meet pre‑opening conditions on capital, governance, risk controls, and policies before the OCC grants final approval.
Upon full approval, Crypto.com National Trust Bank will operate as a qualified custodian for digital assets and will come under direct OCC supervision. The bank will focus on offering services including trade settlement under federal regulations, asset staking across different blockchains, and institutional-grade custody.
In October 2025, Crypto.com submitted its first application to become a national trust bank, following other fintech and cryptocurrency companies seeking national charters as an alternative to state trust licenses.
Following the issuance of conditional national trust charters to companies including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos, the conditional permission comes as part of a larger wave of OCC judgments.
Why Crypto.com Is Pursuing a National Trust Bank
For large asset managers and institutions, regulations often require that digital assets be held by “qualified custodians” that meet strict federal standards. A national trust bank charter gives more legal certainty than a patchwork of state licenses and can make it easier for traditional firms to work with a single provider.
Crypto.com already operates Crypto.com Custody Trust Company, a non‑depository trust firm regulated by the New Hampshire Banking Department, which will continue serving clients during the OCC process. The company says a national trust bank would sit alongside this unit and provide a one‑stop option for institutions that want a custodian under direct federal oversight.
The OCC’s move follows its recent guidance confirming that national banks may engage in certain crypto activities, including risk-less principal trades and custody, as long as they manage risks properly. Legal analysts note that conditional approvals come with tight expectations around capital, compliance, and governance, so Crypto.com must clear several hurdles before the bank can launch.
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