- The OCC cleared plans for Foris Dax National Trust Bank to offer custody, staking, and settlement services.
- The limited-purpose trust bank will not take deposits or issue loans, focusing on digital assets.
- Peers including Ripple, Circle, Paxos and Fidelity Digital Assets have also sought OCC trust bank status.
Crypto.com announced it received conditional approval from the U.S. Office of the Comptroller of the Currency to form a national trust bank. The approval covers plans to charter Foris Dax National Trust Bank, operating as Crypto.com National Trust Bank, in the United States. The move follows an application filed in October 2025 and advances the firm’s effort to offer federally regulated custody services.
Charter Scope and Planned Trust Bank Services
Under the conditional approval, the planned entity would operate as a limited-purpose national trust bank. Notably, it would not accept deposits or issue loans. Instead, it would focus on digital asset custody, staking, and trade settlement services.
These services would support assets across multiple blockchains, including the company’s Cronos network. However, the approval remains conditional. Crypto.com must complete pre-opening requirements before launching operations.
These steps include finalizing governance structures, strengthening internal controls, and confirming capital and risk management frameworks. According to the company, regulators and internal teams have worked closely during this review process.
Meanwhile, Crypto.com said its existing Crypto.com Custody Trust Company will continue operating. That entity remains regulated by the New Hampshire Banking Department. Importantly, the new charter does not affect current client services or custody operations during the transition period.
Industry Context and Executive Commentary
In a statement, Crypto.com co-founder and chief executive Kris Marszalek said the approval reflects the firm’s focus on compliance and secure custody infrastructure. He noted the charter supports institutional demand for a single federally regulated custody framework.
Notably, the approval places Crypto.com alongside other digital asset firms pursuing national trust bank status. Companies such as Ripple, Circle, Paxos, and Fidelity Digital Assets have received similar conditional approvals.
Separately, BitGo received full OCC approval last year to convert its state trust into a national trust bank. Together, these approvals reflect growing use of the OCC’s trust bank framework for federally supervised digital asset custody.
