Coinbase has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national trust company charter, marking a major step toward operating as a federally regulated crypto custodian. The approval remains preliminary and requires the company to complete several regulatory steps before receiving a full charter.
Compliance Requirements Before Final Charter Approval
The conditional green light requires Coinbase to build comprehensive compliance systems, hire key personnel and undergo regulatory reviews. Regulators also expect the company to demonstrate strong risk management practices, protect client assets and meet anti-money-laundering standards. Only after satisfying these requirements can the OCC grant full approval.
In a X post, Coinbase chief legal officer Paul Grewal said ;
Coinbase first applied for the charter in October, alongside firms such as Ripple. More recently, Citadel-backed exchange EDX Markets also filed for a similar structure, highlighting growing demand for regulated custody services.
Custody Services Support Institutional Crypto Adoption
If finalized, the charter would allow Coinbase to operate a non-insured national trust company focused on digital asset custody, meaning it can hold client assets but cannot take deposits or issue loans. The move supports Coinbase’s strategy to expand institutional services and generate steadier revenue beyond trading fees, especially as it already serves as custodian for several U.S. spot bitcoin exchange-traded funds.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.