Cryptocurrency exchange Crypto.com has passed a significant hurdle in establishing a federally overseen national trust bank in the United States. The company announced it has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank license. This approval paves the way for the establishment of the entity, which will operate under the name “Foris Dax National Trust Bank” and be publicly known as “Crypto.com National Trust Bank.” However, this stage does not constitute final licensing. For full approval, the company must fully meet the operational and regulatory requirements set by the OCC. The new bank will operate as a limited-purpose national trust bank under federal oversight. It will not accept deposits or provide loans. Instead, it will offer digital asset custody, staking, and trade settlement services. These services will encompass multiple blockchains and protocols, including the company's own blockchain, Cronos. Meanwhile, the Cronos chain's CRO token doesn't seem particularly affected by the developments:
Federal oversight for institutional clients
This step is seen as a critical milestone in Crypto.com's strategy, particularly for institutional investors. The company already offers "qualified custody" through Crypto.com Custody Trust Company, regulated by the New Hampshire Banking Department. However, this structure is overseen at the state level.
The OCC license will allow it to consolidate its operations under a single federal umbrella. This is particularly important for ETF issuers, asset management companies, and large financial institutions. Institutional players generally prefer custodians subject to national oversight. Federal oversight is considered the "gold standard" in terms of compliance and security standards.
Crypto.com CEO Kris Marszalek stated that the conditional approval reflects the company's commitment to compliance. Marszalek added that this development significantly brings them closer to their goal of offering institutional clients "one-stop" custody services under federal oversight.
The Process from Application to Approval
Crypto.com applied for a national trust bank license in October 2025. The conditional approval received in February 2026 is central to the company's plans to strengthen its presence in the US market. The company also emphasized that this approval would not affect its existing New Hampshire-based custody operations, and that the relevant structure would continue to operate as before.
Crypto.com has joined the ranks of crypto companies that have recently taken similar steps. In December 2025, firms such as Ripple, Circle, Paxos, and Fidelity Investments also received conditional approval for national trust bank licenses. BitGo went a step further and managed to obtain full approval to transform its state-level trust company into a national trust bank. In addition, World Liberty Financial, a crypto startup supported by former US President Donald Trump, also made a similar application to the OCC. However, this initiative led some Democratic members of Congress to raise national security concerns due to its political connections.
Changes in the Regulatory Climate
Two important developments have influenced crypto companies to turn to federal banking licenses. The first of these was the OCC's decision in May, which clearly confirmed that banks can hold crypto assets. The second was the GENIUS Act, signed in July, which aims to clarify the framework for the digital asset market. However, cautious messages are coming from traditional banking circles. The American Bankers Association (ABA) and the Independent Community Bankers Association (ICBA) argue that the OCC should be more cautious in its approval processes for crypto companies. According to these institutions, maintaining the security standards of the banking system should remain a priority.
