Coinbase Wins Conditional OCC Approval for National Trust Bank Charter

Coinbase said Thursday it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to form Coinbase National Trust Company, a noninsured national trust bank to be headquartered in New York. The decision moves Coinbase closer to operating as a federally regulated digital-asset custodian and reflects a broader regulatory realignment shaping how crypto firms interface with the U.S. banking system. The conditional approval requires the company to build out compliance infrastructure, hire key personnel, clear supervisory reviews, and demonstrate robust risk management and anti-money-laundering controls before receiving a full charter. A national trust bank charter would place Coinbase under a single federal regulator—the OCC—instead of the current mix of state money-transmitter licenses. It would also allow the company to provide custody, safekeeping, and related digital-asset services in a fiduciary capacity as a qualified custodian under SEC rules. Coinbase emphasized in a blog post Wednesday that it is not seeking to become a commercial bank: "Coinbase is not becoming a commercial bank. We will not be taking retail deposits. We will not be engaging in fractional reserve banking." Looking ahead, the company's chief legal officer told CNBC that Coinbase plans to explore payment-infrastructure products alongside its custody business, with a focus on expanding stablecoin usage—particularly USDC—as a mainstream global payments method. Coinbase is joining a growing list of crypto firms pursuing federal charters under the OCC's current leadership. Circle applied for a national trust bank license—First National Digital Currency Bank—and received conditional approval in December 2025. Crypto.com also obtained conditional OCC approval for Foris Dax National Trust Bank in February. The push has drawn opposition. The Bank Policy Institute, whose members include JPMorgan, Goldman Sachs, and Bank of America, is reportedly considering legal action against the OCC, arguing the regulator is creating an uneven playing field. This article was produced with the assistance of AI workflows. All stories are curated, edited, and fact-checked by a human.