Coinbase Wins Conditional OCC Nod for National Trust Charter

Coinbase said Thursday it has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust company charter, moving the crypto exchange closer to operating a federally supervised custody platform. According to Bloomberg, the OCC issued preliminary clearance for Coinbase National Trust Company, an entity Coinbase applied to form on Oct. 3, 2025. The filing had been shown as pending on the OCC's Digital Assets Licensing Applications page until the company's announcement. The proposed charter would be for a noninsured national trust company. Under that structure, Coinbase would not accept deposits or make loans. The planned scope includes custody, staking, and related fiduciary and trust services for institutional clients. Coinbase said the charter is intended to bring federal consistency to how its custody and market infrastructure operations are regulated. Coinbase currently reports more than $245 billion in assets under custody through its New York Department of Financial Services-chartered custody business. The OCC's conditional approval is not final authorization. Coinbase must satisfy pre-opening requirements before it can begin operating under the charter, including anti-money laundering (AML) and know-your-customer (KYC) programs, capital and liquidity standards, governance and risk management frameworks, and an operating agreement with the regulator. Operations can begin only after the OCC confirms those conditions have been met. A federal trust charter could help Coinbase serve large institutions that require federal oversight before placing assets with a crypto custodian. Federal status may also offer preemption benefits, enabling operations under a single national framework rather than navigating state-by-state custody rules. The OCC has issued conditional national trust charters to multiple crypto-native firms through 2025 and into 2026. Paxos received conditional approval in December 2025. Circle, Ripple, Bitgo, Fidelity Digital Assets, and Crypto.com have also received similar preliminary clearances, with each firm required to meet its own pre-opening conditions. Conditional approval does not guarantee final authorization. For Coinbase, the charter would extend its institutional custody business beyond its current state-chartered New York structure. The company said it does not plan to pursue full commercial banking activities under the trust charter and expects the trust model to serve as the federal regulatory foundation for its custody and infrastructure services. Bloomberg reported the development Thursday morning, citing a Coinbase statement describing the move as a step toward greater uniformity in federal oversight of its custody business. The OCC typically posts conditional approvals via a formal release or in its Corporate Applications Search system; Coinbase disclosed the approval before a public OCC posting was available. FAQ What did Coinbase receive from the OCC? Conditional approval for a national trust company charter that would allow federally supervised crypto custody operations. What does conditional approval mean? Preliminary authorization that requires Coinbase to meet specified pre-opening conditions before receiving full operating status. Will Coinbase become a bank? No. The charter is limited to custody and trust functions and does not permit taking deposits or making loans. When did Coinbase file its OCC application? Oct. 3, 2025, for Coinbase National Trust Company.