 ▲ Source: Crypto.com X account |
Global digital asset platform Crypto.com has crossed a major milestone toward obtaining a U.S. federal banking license—one of the core pillars of American financial regulation—signaling its full-fledged entry into the institutional financial system.
According to crypto media outlet CoinGape on February 23 (local time), 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. The approval is considered an initial step toward becoming a federally regulated trust bank. To obtain final authorization, Crypto.com must meet the OCC’s stringent operational requirements and regulatory standards.
Crypto.com’s move aligns with a broader trend that began in December 2025, when major firms such as Ripple, the issuer of XRP, Circle, Paxos, and Fidelity secured approval to establish National Trust Banks. Notably, BitGo has already completed its transition from a state-chartered trust company to a federally chartered trust bank, leading the digital asset industry’s integration into the mainstream financial system. Crypto.com clarified that the approval does not affect the operations of Crypto.com Custody Trust Company, which has been operating under the regulation of the New Hampshire Banking Department.
CEO Kris Marszalek emphasized that the achievement “demonstrates our ongoing commitment to the trust and security our customers expect from Crypto.com.” He underscored that this milestone marks significant progress in building a one-stop custody framework for institutional investors under federal oversight. As digital asset firms come under the direct supervision of the OCC, regulatory compliance capabilities are emerging as a core competitive advantage.
The push by digital asset companies to enter the federal banking sector has accelerated alongside U.S. President Donald Trump’s pro-crypto policy stance. In January 2026, an affiliate of World Liberty Financial, a decentralized finance project backed by President Trump, also submitted an application to the OCC to establish World Liberty Trust Company. This trend suggests that digital assets are becoming part of the mainstream U.S. financial infrastructure following the passage of the GENIUS stablecoin regulatory act.
By securing a federal banking license, Crypto.com aims to streamline the complex state-by-state licensing framework into a single federal supervisory system and maximize its regulatory response capabilities for large transaction volumes. Federally chartered trust banks do not conduct traditional retail banking activities but retain access to the federal payments system, making them strategic strongholds for digital asset companies. Industry attention is now focused on whether Crypto.com can obtain final OCC approval and set the standard for institutional custody services for global institutional investors.
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