Crypto.com secures conditional OCC OK for trust bank

Key Takeaways:

• OCC grants Crypto.com conditional approval to form Foris DAX National Trust Bank.
• Approval permits pre-opening work under OCC oversight, not final license.
• Operational launch remains subject to OCC conditions and ongoing supervision.

Crypto.com has received OCC conditional approval to form Foris DAX National Trust Bank under a national trust bank charter, according to FinanceFeeds. The nod lets the firm advance its federal charter application, but it is not a final license.

In practice, conditional approval allows organizational and pre‑opening work under OCC oversight while detailed supervisory conditions are addressed. It does not itself authorize full‑service banking or change customer protections today.

The National Community Reinvestment Coalition filed a public comment opposing the Foris DAX application, citing governance, past enforcement, and consumer‑protection gaps, according to NCRC. The group argues this path risks “regulatory arbitrage” by conferring bank‑like legitimacy without parallel obligations such as deposit insurance or Community Reinvestment Act duties.

Industry reporting indicates the trust‑bank route would center on fiduciary and custody services rather than retail deposit‑taking, as reported by The Cryptonomist. Any operational launch would remain subject to the OCC’s final conditions and ongoing supervision.

No. A national trust bank charter is a limited‑purpose framework oriented to fiduciary and custody activities, not a commercial, deposit‑taking charter. Observers note these charters often prohibit deposit‑taking, which affects liquidity profiles and safety‑net access, as reported by AInvest.

Because they do not accept deposits, these entities are not covered by FDIC insurance; bank groups warn that consumers could confuse federal oversight with insured banking, according to the American Bankers Association. Clear disclosures and governance controls are therefore central to how these institutions are supervised.

“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,” said Kris Marszalek, Co‑Founder and CEO of Crypto.com, adding that the milestone moves the firm closer to becoming “a one‑stop‑shop qualified custodian under a gold standard of federal oversight,” as reported by The Block. Critics counter that the framework stretches the charter’s original purpose and could heighten consumer risk, especially if failures are hard to resolve. “The conditional trust bank approvals stretch the national trust bank charter beyond its statutory and historical purpose, endangers consumers, and creates institutions the OCC is not equipped to resolve in an orderly way,” said Rebeca Romero Rainey, President & CEO of the Independent Community Bankers of America, as reported by Bloomberg Law.

Before any launch, the OCC would still need to sign off on capital, governance, risk, and compliance frameworks; the Bank Policy Institute has called for detailed public disclosures tailored to digital‑asset risks. Stakeholders also emphasize AML/KYC controls and consumer disclosures as safeguards they expect supervisors to scrutinize closely.

At the time of this writing, Coinbase Global (COIN) recently traded near 164.81 in after‑hours, based on Nasdaq market page data. These figures provide neutral market context and are not specific to Crypto.com’s charter progress.

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