Crypto · 02 April, 2026 · 1 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.
Scope of services and potential beyond custody (payments and market infrastructure).
14 of 15 outlets skipped it: anchorage Digital was the first crypto company to receive a full OCC national trust charter (before Coinbase’s recent conditional approval)..
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CoinCentral
“the charter would apply to trust company activities rather than traditional banking, and Coinbase Chief Executive Brian Armstrong stressed that the firm is not becoming a commercial bank.”Read the original ↗
FinanceFeeds
“‘Coinbase is not becoming a commercial bank,’ said Greg Tusar, vice president of institutional product. ‘We will not be taking retail deposits. We will not be engaging in fractional reserve banking.’”Read the original ↗
Shows how outlets stress the charter is custody-focused and not a move into traditional banking, highlighting a key point of contention about what federal oversight would mean for crypto firms.
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.