- Coinbase receives conditional approval from the Office of the Comptroller of the Currency (OCC).
- Approval enables formation of Coinbase National Trust Company.
- The company will not operate as a commercial bank or accept retail deposits.
- Focus remains on crypto custody and infrastructure services.
- NYDFS oversight and BitLicense framework remain in effect.
Coinbase Receives Conditional OCC Approval: Coinbase announced that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Coinbase National Trust Company. The company stated that the approval follows years of investment in compliance and engagement with regulators. The OCC charter is intended to provide federal oversight for custody-related activities. According to Coinbase, the approval is conditional and subject to the completion of specific requirements before full authorization is granted.
Trust Charter Focus and Limitations
Coinbase stated that the trust charter does not permit the company to operate as a commercial bank. It added that it will not accept retail deposits or engage in fractional reserve banking. The company said the charter is designed to support its custody and market infrastructure services. It noted that the OCC framework is intended to oversee assets held in safekeeping. Coinbase stated that the approval provides a federal regulatory structure for its custody operations.
Existing Regulation and Future Scope: Coinbase said its operations under the New York Department of Financial Services (NYDFS) will continue unchanged. The company confirmed that its BitLicense and state trust charter remain in place. According to Coinbase, federal oversight through the OCC is expected to bring consistency to its custody business and support additional services, including payments-related offerings. The company stated it will work with OCC staff to meet the conditions attached to the approval. Recently, Coinbase launched stock perpetual futures, allowing non-U.S. users to trade U.S. equities and ETFs with 24/7 access and leverage.
