Key Takeaway:
- Conditional approval permits organization milestones under OCC oversight, not immediate operations.
- Crypto.com must finalize governance, risk, and compliance frameworks before launch.
- Regulator requires executive vetting and robust operational, cybersecurity, and BSA/AML controls.
The U.S. Office of the Comptroller of the Currency granted Crypto.com conditional approval on Feb. 23, 2026, to organize Foris Dax National Trust Bank, according to CoinDesk. The decision positions the company to pursue federally supervised digital-asset custody, subject to final authorization.
Conditional approval allows an applicant to proceed with organization and readiness milestones under OCC supervision. It is not a green light to launch banking services or onboard clients immediately.
In practice, the next phase typically includes finalizing governance, risk, and compliance frameworks. It also involves vetting key executives and demonstrating operational, cybersecurity, and BSA/AML controls to the regulator.
Only after all conditions are satisfied would the OCC consider a final approval to commence activities. Until then, Crypto.com’s existing businesses continue under their current regulatory regimes.
A national trust bank charter is a specialized federal charter focused on fiduciary and custody functions. For crypto firms, that generally centers on safeguarding private keys and servicing institutional accounts under defined fiduciary standards.
It is distinct from a full-service commercial bank charter. Critics emphasize it does not authorize deposit-taking and does not confer FDIC deposit insurance, according to the National Community Reinvestment Coalition.
“This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services they expect from Crypto.com,” said Kris Marszalek, CEO at Crypto.com. He framed the move as a step toward serving institutional clients under a federal oversight model.
Policy groups have questioned scope and transparency, including how conditions are tailored and enforced across crypto trust banks; in December 2025 the OCC conditionally approved five such charters, according to the Bank Policy Institute. The institute has urged more public detail on business models, risk management, and how the OCC enforces conditions.
Community banks warn these entities could perform bank-like activities without the full prudential regime. The Independent Community Bankers of America has argued the approach may stretch trust charters beyond statutory purpose and complicate resolutions if a firm fails.
For Crypto.com, the allowed scope points to custody and related fiduciary services under OCC oversight. Activities outside that scope would still require appropriate licensure or approvals, and any launch timeline depends on satisfying the OCC’s conditions.
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