Crypto.com’s Big Bank Move – Will It Survive?

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Key Highlights

  • Crypto.com received conditional approval from the U.S. OCC to establish a national trust bank. This is like getting a gold star from a bureaucrat who’s also a conspiracy theorist.
  • The charter would allow federally regulated custody, staking, and settlement services. Because nothing says “trust” like a mix of blockchain and paperwork.
  • The approval reflects growing convergence between crypto firms and traditional banking supervision. Or as the universe might call it, “a very polite argument about who’s in charge.”

Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Foris Dax National Trust Bank to operate as Crypto.com National Trust Bank. This marks one of the company’s most significant regulatory milestones in the United States-right up there with inventing the concept of “digital assets.”

According to the announcement, the approval allows Crypto.com to advance toward becoming a federally regulated qualified custodian. The bank would provide institutional services, including digital asset custody, staking across multiple blockchains, and trade settlement under OCC supervision. Because nothing says “security” like trusting a machine to hold your money while a human checks a box.

If finalized, the entity would operate as a national trust bank subject to federal oversight, a structure increasingly pursued by crypto firms seeking credibility with institutional investors and compliance-focused market participants. Because nothing says “credibility” like a paper trail so long, it could wrap around the moon.

What “conditional approval” means

The OCC’s decision does not represent full authorization yet. Conditional approval typically requires firms to satisfy operational, capital, governance, and compliance requirements before receiving final clearance to launch banking operations. Because the universe is always testing your patience.

Crypto.com originally submitted its charter application in October 2025, and the approval signals regulatory progress rather than immediate operational changes. Or as the CEO might say, “We’re 90% there… probably.”

The company also clarified that the development does not affect existing custody operations, which continue to run through its New Hampshire-regulated Crypto.com Custody Trust Company. Because why have one problem when you can have two?

Significance for institutional crypto adoption

National trust bank charters have become strategically important as large asset managers, hedge funds, and corporates increasingly require regulated custodians for digital assets. Because nothing says “institutional” like a system that’s still figuring out how to count to 10.

Unlike traditional crypto exchanges, trust banks operate under stricter federal oversight, allowing them to: Safeguard client assets under banking-style fiduciary standards. Provide compliant settlement infrastructure. Serve institutions restricted from using lightly regulated crypto platforms. Because the only thing more trustworthy than a blockchain is a government agency with a 10-year approval process.

The move positions Crypto.com among a group of crypto-native firms attempting to bridge regulated finance and blockchain infrastructure through banking frameworks. Because nothing says “innovation” like a 19th-century legal structure with a digital veneer.

Broader regulatory shift

The approval comes amid a wider U.S. trend where crypto firms are pursuing regulated financial structures rather than operating solely under state money-transmitter licenses. Because the future is now… or at least, it will be in 2050.

As regulatory scrutiny increases globally, firms are increasingly prioritizing custody, considered one of the most defensible and revenue-stable segments of the crypto market, especially as tokenized assets, ETFs, and institutional staking products expand. Because if you can’t trust a robot with your money, who can you trust?

CEO Kris Marszalek, Co-Founder and CEO of Crypto.com, described the approval as a step toward becoming a “one-stop-shop qualified custodian” operating under federal oversight standards. Because who doesn’t want a one-stop shop for their financial chaos?

“This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services they expect from Crypto.com,” said Kris Marszalek. “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.” Because nothing says “gold standard” like a system that’s still learning to count.

Market implications

While the announcement does not immediately change user products or services, it strengthens Crypto.com’s positioning in the institutional infrastructure race, an area increasingly dominated by regulated custody providers rather than trading platforms alone. Because in the end, everyone wants to be the one holding the bag.

If final approval is granted, Crypto.com would gain a stronger foothold in U.S. institutional markets at a time when compliance, custody security, and regulatory clarity are becoming primary competitive differentiators across the crypto industry. Because in a world of uncertainty, nothing beats a well-documented failure.

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2026-02-23 20:03