Crypto.com gets conditional US approval for national trust bank charter
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The logo of Crypto.com is seen at a stand during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello
Feb 23 (Reuters) - Crypto.com said on Monday it has received conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter, paving the way for the digital assets firm to become a federally regulated custodian.
The approval comes as the U.S. adopts a markedly more crypto-friendly stance under President Donald Trump, with regulators rolling back earlier restrictions and enforcement actions.
The charter would allow Crypto.com to manage and hold client assets, and handle trade settlement within a federally regulated structure, but not permit cash deposits or loan sanctions.
The company said that once fully approved, it would operate as a federally regulated national trust bank subject to OCC oversight.
Analysts have said that a national trust bank charter is key for crypto-native companies to attract institutional clients and integrate more deeply with the traditional financial system.
Founded in 2016, Crypto.com is a popular digital assets exchange, listing over 400 tokens on its platform.
(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli)
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