CRYPTO: Citadel Securities-backed EDX Markets applies for U.S. national trust bank charter

EDX Markets, the institutional crypto exchange backed by Citadel Securities, Fidelity Digital Assets, Charles Schwab and Virtu Financial, has applied for a national trust bank charter with the Office of the Comptroller of the Currency, according to a filing made public today. The application comes as more crypto companies pursue bank charters under the Trump administration's more accommodative regulatory posture. EDX runs a noncustodial, institutions-only trading venue where clients execute via API while the exchange does not directly hold customer assets. The model is designed to separate trading from custody and mitigate risks associated with failures such as FTX and Celsius. A bank charter would provide EDX access to the federal banking system and bolster the credibility of institutional crypto market infrastructure supported by major Wall Street trading firms. Bloomberg reported the development.