Crypto.com announced on February 23 2026 that the Office of the Comptroller of the Currency granted conditional approval for a national trust bank charter for Foris Dax National Trust Bank doing business as Crypto.com National Trust Bank. The path opens federal oversight for institutional digital asset custody staking and trade settlement that can meet qualified custodian requirements.
The approval is limited purpose with no cash deposits or lending. Crypto.com filed in October 2025 and must clear preopening conditions that cover capital governance risk controls technology operations and full AML and KYC compliance along with Federal Reserve engagement and corporate formation steps. Independent reporting notes the OCC has not issued a separate public confirmation.
OCC Conditional Charter What Happened
Crypto.com disclosed it received conditional approval from the Office of the Comptroller of the Currency on February 23, 2026 to organize a limited purpose national trust bank dedicated to digital assets. The entity will operate as Foris Dax National Trust Bank doing business as Crypto.com National Trust Bank. The company said the trust will serve institutional demand for federally supervised custody, staking, and settlement services for digital assets. According to Crypto.com, the approval starts the preopening process and does not authorize the bank to begin operations until conditions are satisfied. The announcement aligns with multiple industry reports published the same day that detail the charter’s scope and limits. (Company announcement)
Charter specifics and timeline
Crypto.com filed its application in October 2025, seeking to charter Foris Dax National Trust Bank as a federally supervised, limited purpose national trust bank. The OCC issued conditional approval on February 23, 2026, setting in motion a defined preopening program that includes capitalization, governance, systems buildout, and regulatory coordination. The bank will use Crypto.com National Trust Bank as its public brand once it meets final conditions. Management expects the platform to focus first on custody and settlement services for qualified institutional clients, with staged feature rollouts governed by OCC approvals as they are earned. The company did not provide a go live date, which will depend on completion of the OCC’s conditions and related supervisory steps.
Scope and purpose
The charter authorizes a limited purpose national trust bank under federal oversight, designed to serve institutions that require a qualified custodian. This model aligns with how asset managers, pensions, insurers, and broker dealers hold client digital assets inside bank supervised trust structures. The trust bank will centralize controls, segregation of duties, and audit trails that many institutional mandates expect. It will also operate within policy, risk, and compliance frameworks that map to federal bank supervisory standards. The goal is to reduce counterparty and operational risk for institutions that need regulated storage and settlement rails for digital assets.
Public confirmation status
Crypto.com publicly confirmed the conditional approval, and industry outlets reported consistent details on the entity name, scope, and preopening status. Separate publication from the OCC was not posted at press time according to independent reporting, which is typical for conditional approvals that proceed through standard supervisory channels. Coverage highlights that the approval permits organization but not the commencement of banking activities until conditions are met. The reporting also describes the bank’s positioning as a federally overseen crypto custodian and settlement venue. (CoinDesk)
Services And Limits Under The Charter
The conditional charter defines the products the bank may offer and where authority is restricted. The initial focus centers on custody and post trade operations for institutions that need a qualified custodian framework. Crypto.com plans to support staking and settlement services that align with OCC supervision and the bank’s limited purpose authority. The structure does not include retail deposit taking or lending powers, which keeps risk and activities tightly scoped. This framework matches how other digital asset trust banks operate within federal oversight.
Enabled services under OCC supervision
- Institutional digital asset custody with segregation, safekeeping, and controls appropriate for a qualified custodian
- Staking across supported blockchains, including Cronos, with policies that address validator selection, slashing risk, and reward accounting
- Trade settlement, reconciliations, and related post trade operations for institutional clients
Key limitations
The bank does not have authority to accept cash deposits and will not issue loans. Its remit is limited to digital asset activities that fit within a national trust bank framework under OCC supervision. Any expansion beyond the charter’s scope would require additional regulatory approvals. This narrow perimeter is intended to constrain risk, clarify permissible activities, and focus the platform on custody, staking, and settlement services for institutions.
Positioning for institutions
The charter sets a path to a one stop qualified custodian that can hold assets, support staking workflows, and settle trades under a single federal supervisor. Consolidating services inside a national trust construct can simplify diligence and onboarding for asset managers, market makers, and service providers that maintain strict counterparty criteria. The model also supports standardized controls for key management, access, reconciliations, and financial reporting. For allocators and fund administrators, a single bank supervised stack can reduce vendor sprawl and make audits more efficient. The result is a more predictable compliance posture tied to OCC expectations.
Existing infrastructure
Crypto.com said the national trust will complement its existing Crypto.com Custody Trust Company that is regulated in New Hampshire. Current custody clients should not see service disruption as the national trust moves through preopening steps. Over time, the company can centralize more institutional functions at the federal level while maintaining state level operations where they fit client or product needs. This dual track provides continuity while the national platform is built and validated. The approach mirrors how other crypto firms have layered federal and state trust entities as they scale. (Yahoo Finance)
Preopening Conditions And Strategic Impact
Conditional approval does not permit the bank to open. The trust must satisfy OCC preopening conditions, complete governance and systems buildout, and coordinate with other federal supervisors where applicable. Execution risk sits in capital planning, technology readiness, and control testing. If the bank clears those steps, it can turn on services within the authorized scope. The staged process is standard for national trust banks, with examiner reviews tied to each milestone.
Preopening and governance requirements
- Maintain OCC acceptable capital and liquidity levels for the business plan
- Adopt Articles of Association and file an Organization Certificate
- Build and validate the IT and operations architecture, including cybersecurity, key management, and disaster recovery
- Complete an enterprise risk assessment with documented risk appetite, controls, and independent testing
- Implement full AML and KYC programs with transaction monitoring, sanctions screening, and SAR processes
Federal Reserve engagement
Before opening, the bank must apply to the Federal Reserve and complete applicable steps, which can include membership elections, payment services access, and supervisory coordination. This process determines how the trust interfaces with payment rails and settlement utilities. It also informs liquidity management and intraday risk controls tied to client flows. Successful navigation of Fed requirements is a gating item for a reliable institutional platform.
Market and policy context
The current administration has signaled a more constructive approach to digital asset policy, and conditional charters for national trust banks are one lever to bring institutional activity under federal supervision. National trust constructs offer a bridge between traditional finance control frameworks and on chain operations, giving asset managers a clearer compliance path. The model keeps risk bounded while raising the bar on custody, recordkeeping, and disclosures. For policymakers, it brings systemic visibility to an activity set that had been fragmented across state regimes. For institutions, it provides a regulated counterparty with predictable rules of the road.
Competitive and client implications
Crypto.com gains an early mover position in federally supervised crypto custody and settlement. That position can accelerate institutional onboarding, since many mandates require a qualified custodian housed in a bank supervised entity. The platform also opens room for broader product support, including staking wrapped in clear control and accounting policies. If execution stays on schedule, expect more cross border clients to consolidate relationships around the national trust for scale and compliance efficiency. Competitors with only state level authorizations may face longer diligence cycles as mandates shift to bank supervised custodians.
Execution now shifts to preopening work. Capital readiness, board and management buildout, risk controls, and technology validation will drive timing. If Crypto.com satisfies the OCC and completes Federal Reserve steps, the bank can activate custody, staking, and settlement under federal supervision and compete for mandates that require a qualified custodian.
Watch for governance filings, leadership appointments, initial control testing results, and product rulebooks that define supported assets and staking frameworks. Peer exchanges and trust companies will likely intensify charter pursuits. Interagency guidance will shape service design and operational limits, influencing which firms capture institutional flows.
Key Takeaways
- OCC granted conditional approval on February 23 2026 for Foris Dax National Trust Bank d.b.a. Crypto.com National Trust Bank
- Charter enables federally supervised digital asset custody staking and trade settlement for institutions
- The charter does not permit deposits or lending and remains limited purpose
- Opening depends on meeting OCC capital governance risk IT operations AML and KYC requirements plus Federal Reserve engagement and corporate formation
- Complements Crypto.com’s New Hampshire regulated custody business without service disruption
- Positions Crypto.com to pursue institutional mandates under federal oversight
Related FAQs
What does conditional approval mean?
The OCC authorized progress toward opening but set specific preopening conditions. No customer services can launch until the OCC grants final approval.
What services will Crypto.com National Trust Bank offer?
Institutional grade digital asset custody staking across supported blockchains including Cronos and trade settlement, all under OCC supervision.
Does the charter allow deposits or lending?
No. This limited purpose national trust bank charter focuses on digital assets without permission to accept cash deposits or issue loans.
When could the bank open?
Timing depends on satisfying all OCC conditions, completing Federal Reserve steps, and passing preopening examinations. The company has not provided a launch date.
