Crypto02 April, 20261 min read
Coinbase Wins Conditional OCC Approval for National Trust Charter
Coinbase won conditional OCC approval for a national trust charter. Charter allows federally supervised custody under Coinbase National Trust Company, expanding oversight.
Conditional Approval Granted
Coinbase received conditional OCC approval for a national trust company charter. The approval is not final; Coinbase must build compliance systems and hire key staff. The charter focuses on custody and market infrastructure rather than traditional banking.
Non-Insured Trust, Not a Bank
Coinbase is not becoming a commercial bank and will not accept retail deposits. The trust charter allows operation of a non-insured national trust company focused on custody. Coinbase already serves as custodian for most U.S.-listed spot crypto exchange-traded funds.
Expanding Beyond Custody
The charter could allow Coinbase to operate payment products in addition to custody. The OCC requires firms to show they can manage risk and follow anti-money laundering rules. Similar conditional approvals have been granted to Ripple, BitGo, Circle, and others.
Strategic Shift to Steady Revenue
The approval supports Coinbase's strategy to reduce reliance on trading fees. Custody services offer a more predictable revenue stream. A federal charter offers assurance that state licenses might not.