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Coinbase Wins Final OCC Approval for National Trust Bank Charter
Federal oversight expands for institutional crypto custody as more digital asset firms pursue US banking charters
TL;DR
- Coinbase received final approval from the Office of the Comptroller of the Currency (OCC) for its national trust bank charter, which took effect on Friday.
- Coinbase National Trust Company can hold digital assets for institutional clients under federal oversight while exploring payment services and expanded custody offerings.
- The approval follows similar authorizations for Circle and Ripple, as banking groups and lawmakers challenge the OCC's crypto charter decisions.
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Coinbase has received final approval from the US Office of the Comptroller of the Currency (OCC) to establish Coinbase National Trust Company, bringing its institutional crypto custody business under a federal regulatory framework. The national trust bank charter took effect on Friday, according to the OCC, with Coinbase announcing the approval on Monday, November 9, 2026.
The charter authorizes Coinbase National Trust Company to hold digital assets on behalf of clients in a fiduciary capacity, according to the OCC's preliminary approval letter. The exchange submitted its application in October 2025 and received conditional approval in April 2026, completing the process seven months later.
The national charter builds on Coinbase's existing regulated custody operations, which began in 2018 when Coinbase Custody Trust Company obtained a limited-purpose trust charter from the New York Department of Financial Services.
"Custody is foundational to our business," Coinbase said, describing itself as the world's leading crypto custodian. The company added that federal authorization would "bring clear and consistent federal uniformity" to its custody operations.
Coinbase CEO Brian Armstrong also addressed the approval on X, emphasizing the role of regulated custody in expanding blockchain-based financial services.
"Trusted custody is essential for bringing more of the financial system onchain," Armstrong wrote. "Coinbase National Trust Company is another step for building that foundation."
What Coinbase's National Trust Bank Charter Allows
Coinbase plans to expand its institutional custody services through the federally regulated trust company while keeping other financial activities within separate Coinbase entities.
According to its charter application, Coinbase National Trust Company intends to offer segregated custody accounts for institutional clients. Customers would also be able to access staking, financing and trading services through other Coinbase businesses rather than directly through the trust company. Coinbase's application also outlines plans to explore digital asset payment products and custody services that would let clients interact with selected smart contracts.
The approval does not turn Coinbase into a traditional commercial bank. When the OCC granted preliminary authorization, Coinbase said it would not accept retail deposits or engage in fractional reserve banking. Its national trust company instead focuses on fiduciary custody services, extending the federal regulatory framework to activities previously conducted under its New York trust authorization.
Circle, Ripple and Other Crypto Firms Pursue Federal Charters
Coinbase joins a growing group of cryptocurrency companies that have secured national trust bank charters from the OCC, as others continue pursuing federal authorization for custody, payments and stablecoin-related activities.
Circle received final approval in July for a national trust bank intended to manage reserves backing its USDC stablecoin. Ripple secured final authorization the following month of October for a trust bank supporting its RLUSD stablecoin.
Other companies that have received OCC national trust bank charters include BitGo, Fidelity Digital Assets and Paxos. Crypto.com and Stripe-owned Bridge have received conditional approval, while Kraken and EDX Markets are also pursuing federal charters.
Several additional applications are moving through the regulatory process. Kraken parent Payward filed its application in May, while Jack Dorsey's Block applied in September for a charter to custody Bitcoin. A trust company associated with Trump family-backed World Liberty Financial received conditional approval in August for a charter connected to its USD1 stablecoin, according to Reuters.
The wave of crypto charter approvals has also encountered legal and political opposition. Sen. Elizabeth Warren (D-MA) has argued that the OCC's approvals for cryptocurrency firms, including Coinbase, are illegal. Separately, the Independent Community Bankers of America has sued the OCC, seeking to prevent crypto companies from entering the banking system through what the banking group characterizes as a regulatory side door.
This article has been refined and enhanced by ChatGPT.
