Singapore-based cryptocurrency exchange Crypto.com has filed an application with the U.S. Office of the Comptroller of the Currency for a national trust bank charter. The move aims to expand its federally supervised custody services for institutional clients. This follows similar efforts by firms like Coinbase and Circle in 2025.
On Friday, Crypto.com announced its application to the OCC for a national trust bank charter, positioning it as an extension of its regulated services for large customers including ETF sponsors, corporates, and advisers. The filing focuses on custody and staking-adjacent trust services across multiple blockchains, without impacting operations at Crypto.com Custody Trust Company, its New Hampshire-chartered qualified custodian.
A national trust bank operates as a limited-purpose national bank under OCC supervision, authorized for trust-company powers such as custody, safekeeping, and fiduciary services nationwide, per 12 U.S.C. § 27(a). Unlike full-service banks, it does not accept FDIC-insured deposits or issue traditional loans. The company provided no timeline for OCC review.
This application joins a trend among crypto firms seeking federal oversight. In 2021, the OCC approved Anchorage Trust Company's conversion to Anchorage Digital Bank, N.A., with a detailed operating agreement, and granted preliminary conditional approval to Paxos National Trust. More recently, Coinbase filed early this month for Coinbase National Trust Company in New York, while Circle applied on June 30 for First National Digital Currency Bank, N.A. Source 2 also notes Crypto.com following Coinbase, Ripple, and others. For comparison, Gemini Trust Company holds a New York limited-purpose trust charter from the NYDFS, issued on October 5, 2015.
The proposal targets institutional custody, leaving retail users unaffected immediately. Approval, if granted, could standardize services for large counterparties under federal rules, indirectly influencing asset segregation, ETF products, and market liquidity. The OCC does not comment on pending applications, and outcomes include case-by-case conditions.