Coinbase Receives Final OCC Approval for National Trust Charter

Business · First reported 9 Nov, 10:00 · Updated 10:10

Image: Wikimedia Commons · Rekia1991 · CC BY-SA 4.0

Coinbase says the federal charter will place its institutional custody activities under an OCC framework. The approval follows conditional approval in April and comes as other crypto firms receive similar charters and banking groups challenge the approvals.

The OCC gave final approval for Coinbase National Trust Company; Coinbase said the approval came last Friday.
Coinbase says the charter will bring its institutional digital-asset custody business under a federal framework, building on its existing New York trust charter.
Circle and Ripple have also received final approvals, while banking groups have challenged crypto charter approvals in court.

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Key facts

Regulator: Office of the Comptroller of the Currency (OCC)
Charter: Coinbase National Trust Company
Conditional approval: April; final approval followed seven months later, according to the report
Earlier New York trust charter: Coinbase Custody Trust Company received a limited-purpose charter in 2018