Crypto.com is taking a significant leap toward becoming a federally regulated financial institution by formally applying for a U.S. National Trust Bank Charter. If approved, the move would place the crypto exchange under direct oversight of the Office of the Comptroller of the Currency (OCC), granting it a prestigious legal status typically reserved for highly regulated banking entities. This step not only underscores the company’s commitment to compliance but marks a pivotal moment in its long-term strategy to gain deeper access to the mainstream financial system.
The application, submitted on October 24, signals Crypto.com’s intent to expand its suite of regulated offerings, especially those aimed at institutional clients seeking secure custody and staking services. CEO Kris Marszalek emphasized that regulatory compliance has always been central to Crypto.com’s mission. He described the charter application as a “natural progression” in the company’s evolution, reaffirming its dedication to providing trustworthy and secure services to a growing user base.
This initiative forms part of a broader regulatory trajectory the company has been following. Earlier this month, on October 3, Crypto.com achieved compliance with the strict Payment Card Industry Data Security Standard (PCI DSS) version 4.0—a milestone that most financial institutions are only expected to reach by next year. This upgrade enhances the platform’s payment infrastructure, ensuring higher standards of data protection and transaction security.
In September, the U.S.-based division of Crypto.com, known as Crypto.com Custody Trust Company, also achieved SOC 1 Type II and SOC 2 Type II compliance. These attestations are highly regarded within the financial sector, providing assurance of the company’s robust internal controls and data protection mechanisms. Together, these certifications reinforce Crypto.com’s credibility as a trustworthy custodian of digital assets, particularly in its current operations regulated at the state level in New Hampshire.
The pursuit of a National Trust Bank Charter places Crypto.com among a growing list of major crypto companies seeking to bridge the gap between digital assets and traditional banking. This shift is not unique to Crypto.com; the industry as a whole is undergoing a transformation that aims to align more closely with federal regulatory frameworks.
Anchorage Digital set the precedent in 2021 by becoming the first digital asset firm to receive a federal banking charter from the OCC. Since then, the momentum has only increased. In 2023 alone, stablecoin issuer Circle, blockchain infrastructure firm Paxos, Ripple Labs, and Coinbase—all major players in the crypto ecosystem—have submitted similar applications. These moves reflect a collective industry push to legitimize digital asset services under U.S. federal law and to foster greater institutional adoption.
Attaining federal trust bank status would allow Crypto.com to operate across state lines without the need for individual licenses in each jurisdiction, streamlining its operations and reducing regulatory fragmentation. It would also enable the company to offer fiduciary and custodial services with a higher level of legal and compliance assurance, which is particularly appealing to institutional investors wary of regulatory uncertainty.
Moreover, a federal charter could pave the way for direct access to the Federal Reserve system, potentially enabling Crypto.com to settle transactions more efficiently and securely. This could be a game-changer not just for the company, but for the broader crypto industry striving to integrate with the traditional financial ecosystem.
Crypto.com’s aggressive compliance roadmap also highlights a widening divide between crypto firms choosing to embrace regulation and those resisting it. As the U.S. government intensifies scrutiny of the digital asset space, businesses that proactively align with regulatory standards may gain a competitive edge. The bank charter, if granted, would place Crypto.com in a strong position to shape the future of regulated crypto services in the United States.
The implications of this move stretch beyond just business strategy. For regulators, granting a charter to a major crypto exchange like Crypto.com would signal a maturing relationship between federal oversight bodies and the blockchain industry. It could also establish a blueprint for how digital asset firms can evolve into fully compliant financial institutions, setting new benchmarks for transparency, accountability, and consumer protection.
For clients—particularly institutional ones—the trust bank designation would provide an added layer of confidence in Crypto.com’s operational integrity. Regulated custody remains one of the most critical barriers to institutional crypto adoption, and federal approval could ease many of those concerns.
As the digital asset industry evolves, trust and compliance are fast becoming the bedrock of long-term success. Crypto.com’s pursuit of a National Trust Bank Charter is not merely a branding exercise—it’s a calculated step toward securing a sustainable future in a more regulated and mature financial landscape.
In addition to its U.S. ambitions, Crypto.com continues to expand its international presence. The platform has been actively acquiring licenses in key jurisdictions worldwide, including Europe and Asia, to ensure it can offer services in compliance with local laws. This global regulatory strategy is designed to future-proof the business against shifting legal landscapes and to support its growing international customer base.
Looking ahead, if the OCC approves the application, Crypto.com could be among the few digital asset companies licensed to operate under a unified, federally supervised framework. This would not only enhance its credibility but also potentially unlock new revenue streams by offering services comparable to those of traditional banks.
The charter could also position Crypto.com as a potential partner or service provider for traditional financial institutions looking to enter the crypto space but lacking the technical infrastructure or regulatory clarity. With its blend of crypto-native expertise and adherence to traditional compliance standards, Crypto.com could become a key bridge between the two financial worlds.
As the regulatory environment continues to evolve, the success or failure of Crypto.com’s charter bid will likely have a ripple effect across the industry. Other firms may follow suit, or regulators may use this application as a test case to refine how they assess the risks and responsibilities of digital asset companies seeking federal recognition.
Ultimately, Crypto.com’s move signals a broader trend: the era of unregulated crypto is fading, and the future belongs to those willing to play by the rules—while still innovating within them.