Crypto.com announced Monday that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank in the United States. The move represents a major step toward federal oversight for the digital-asset exchange, allowing it to offer institutional-grade custody, staking, and trade settlement services under direct OCC supervision.
The new entity, Foris Dax National Trust Bank — which will operate as Crypto.com National Trust Bank once fully authorized — will function as a limited-purpose national trust bank. It will not accept deposits or issue loans, but will focus exclusively on digital-asset services. Conditional approval permits Crypto.com to proceed with its plans, though the company must meet pre-opening requirements related to capital, governance, risk controls, and internal policies before final approval is granted.
Crypto.com already operates Crypto.com Custody Trust Company, a non-depository trust firm regulated by the New Hampshire Banking Department. The federal charter would sit alongside this existing state-level entity, offering institutions a 'one-stop' qualified custodian under a single federal regulatory framework. According to CEO Kris Marszalek, the approval underscores the firm's commitment to compliance and providing secure, regulated services for customers.
“This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services they expect from Crypto.com,” Marszalek said. “This milestone brings us a major step closer to meeting leading institutions’ needs for a one-stop-shop qualified custodian under a gold standard of federal oversight.”
According to Bloomberg, Marszalek was one of the first crypto executives to meet with Trump at Mar-a-Lago following his 2024 election victory. The company subsequently contributed $1 million to Trump’s inauguration committee and has given eight-figure donations to MAGA Inc., a conservative political action committee. In January, the exchange added another $5 million to MAGA Inc., according to a recent filing.
The announcement positions the exchange among a growing wave of digital-asset firms pursuing national trust charters, including Circle Internet Group, Paxos, BitGo, and Fidelity Digital Assets. For institutional investors, such federal oversight provides regulatory clarity, simplifies compliance, and strengthens confidence in digital-asset custody solutions.
Earlier this month, Marszalek acquired the AI.com domain for about $70 million in cryptocurrency, planning to launch a consumer AI platform under the brand. The purchase, brokered by Larry Fischer, is believed to be the largest domain name transaction to date, with the domain previously listed at $100 million.