Crypto.com announced it received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to form a national trust bank. The new entity, named Foris Dax National Trust Bank and operating as Crypto.com National Trust Bank, is designed to provide federally regulated digital asset services.
Scope: Custody, Staking, Settlement Only — No Deposits
Under the conditional approval, the bank will operate as a limited-purpose national trust bank. It will not accept deposits or issue loans, focusing instead on digital asset custody, blockchain staking, and trade settlement. The services will support assets across multiple blockchains, including Crypto.com's own Cronos network.
The approval remains conditional. Crypto.com must satisfy pre-opening requirements including finalizing governance structures, strengthening internal controls, and confirming capital and risk management frameworks. The company said regulators and internal teams worked closely during the review process.
Existing Custody Entity Unchanged
During the transition, Crypto.com's existing Crypto.com Custody Trust Company — regulated by the New Hampshire Banking Department — will continue operating. The new charter does not affect current client services or custody operations.
Crypto.com co-founder and CEO Kris Marszalek said the approval reflects the firm's commitment to compliance and secure custody infrastructure. He noted the charter addresses institutional demand for a single federally regulated custody framework.
Crypto.com joins a growing list of digital asset firms that have secured OCC trust bank status. Ripple, Circle, Paxos, and Fidelity Digital Assets have all received similar conditional approvals. Last year, BitGo obtained full OCC approval to convert its state trust into a national trust bank. These approvals highlight the increasing adoption of the OCC's trust bank framework for federally supervised digital asset custody.