Crypto.com Files to Become National Trust Bank in U.S., Aiming to Boost Institutional Crypto Custody
Crypto.com has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to operate as a national trust bank. The move seeks to expand the company's institutional custody services in the United States under federal oversight — a strategic step aimed at institutional clients such as ETF sponsors, corporations and asset managers.
What the filing says — and what it would allow
The application requests authority to operate as a national trust bank, enabling trust-company activities such as fiduciary services and safekeeping of assets across the United States. Crypto.com says the charter is focused on institutional custody rather than retail deposit services, and that its existing New Hampshire-chartered custody subsidiary would continue operating.
Why this matters
- Federal oversight: A national trust charter places a firm under OCC supervision, which can strengthen institutional confidence by providing a single, nationwide regulatory regime.
- Institutional focus: The charter is aimed at large clients — funds, ETF sponsors, advisers — that require regulated custody solutions before allocating material capital to crypto exposures.
- Competitive positioning: Securing chartered status can make Crypto.com more competitive in bids for institutional custody mandates and partnerships.
What this does not (yet) mean
The application is not an approval. The OCC typically evaluates trust charter requests carefully, and approvals (when granted) often include conditions. The filing targets fiduciary/custody activities rather than full commercial banking functions like FDIC-insured deposit-taking or consumer lending.
Broader industry context
This filing comes as a number of digital-asset companies seek clearer regulatory footing in the U.S. — a sign that the market is maturing around regulated custody, institutional plumbing and governance frameworks. For institutional counterparties, regulated custody reduces legal and operational friction when establishing exposure to crypto assets.
Potential implications
- Stronger institutional uptake if the charter is approved, because counterparties may prefer regulated custodians.
- Pressure on other custody providers to seek equivalent regulatory status or contractual assurances.
- The possibility of more standardisation in custody practices, auditing and regulatory reporting across the market.
The application to the OCC signals Crypto.com's intention to deepen its institutional custody business in the U.S. If approved, the charter could provide a meaningful boost to institutional confidence — but approval is not guaranteed and will come with compliance obligations and review timelines.
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