Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency to move forward with a federally regulated trust bank in the United States. The company said on Feb. 13 that the entity will initially be established as Foris Dax National Trust Bank and, after full authorization, operate as Crypto.com National Trust Bank.
The planned bank will not function like a standard commercial bank. It will not take cash deposits or issue consumer loans. Its focus is institutional and corporate clients, with services centered on digital asset custody, trade settlement, and multi-chain staking.
Approval clears a path, but opening conditions remain
Crypto.com first applied for the charter in October 2025. Since then, the company has worked with regulators to meet the operational, governance, and capital standards required for a national trust bank structure.
Conditional approval does not mean the bank can begin full operations right away. Before launch, Crypto.com must complete several pre-opening requirements tied to the OCC decision, including finalizing risk management systems, strengthening internal controls, and confirming that its compliance framework is fully in place.
Custody, staking, and settlement at the core
According to the company’s plan, the trust bank will serve as a qualified custodian for institutional investors seeking regulated storage and management of digital assets. It also intends to provide staking across multiple blockchains and settlement infrastructure for digital asset trading activity.
The coverage will include support for Crypto.com’s own Cronos network as well as other major digital asset protocols. The company added that its current custody business in New Hampshire will continue operating during the transition.
Federal trust charters draw more crypto firms
CEO Kris Marszalek said the approval reflects Crypto.com’s long-term emphasis on compliance and security. He said the charter moves the firm closer to becoming a one-stop custodial platform for institutions seeking federal oversight.
The decision places Crypto.com alongside other crypto companies that have pursued national trust bank structures. The report names Circle, Ripple, Paxos, and Fidelity Digital Assets as firms that have already received conditional or full approval for similar arrangements. Analysts cited in the report said institutional demand for regulated custody has been rising, with large investors showing greater preference for platforms operating under federal rules as the U.S. regulatory picture becomes clearer.
If the charter is finalized, Crypto.com would be able to operate with nationwide reach without relying on a patchwork of state licenses. That would simplify compliance and broaden the company’s institutional footprint.