Major Exchange Secures Full Federal Trust Bank Charter

The Office of the Comptroller of the Currency has awarded a full national trust bank charter to a leading digital asset exchange, elevating the firm’s institutional custody operations to direct federal supervision.

According to a Monday announcement, Coinbase received the final sign-off for its new entity, Coinbase National Trust Company, last Friday. Licensing records from the OCC show the chartering process was officially completed on Nov. 6. The approval upgrades a conditional nod the company obtained on April 2, following its initial application in October.

The company stated that the new authorization strengthens its regulatory framework, noting it has served as a custodian for more than 14 years.

“This charter allows us to bring clear and consistent federal uniformity to our industry-leading custody capabilities,” the firm wrote.

Operational Boundaries

Operating as a fiduciary, the national trust bank will hold assets with a strict focus on institutional customers. It is not a commercial bank, meaning it is prohibited from accepting ordinary retail deposits, making loans, or issuing stablecoins. Services such as prime trading, financing, and staking will remain with affiliated entities, utilizing the trust bank strictly as an intermediary under the terms of the April decision.

The federal license sets distinct financial conditions. During its first three years, the newly chartered trust must maintain at least $60 million in Tier 1 capital. It is also required to hold enough liquid assets to cover 180 days of operating expenses.

Currently, the firm’s custody business operates through Coinbase Custody Trust Company, a limited-purpose trust regulated by the New York State Department of Financial Services. The company plans to move that business to the national entity over three years. The OCC license does not automatically connect the exchange to Federal Reserve payment systems, which requires a separate application under the Fed’s account access guidelines.

Sector Push and Banking Pushback

The digital asset sector has seen a wave of federal charter completions. Ripple secured final approval on Oct. 26, while Circle won final OCC approval in July. Block applied for its own banking charter in September. By then, Paxos, Crypto.com, Circle, and Ripple had all received conditional approval.

The federal regulator has actively courted the sector. In August, Comptroller Jonathan V. Gould touted the regulatory push, stating, “America and the OCC are once again open for business.”

However, traditional financial institutions have offered resistance, driven by an underlying turf war over stablecoin rewards and bank deposit bases. In December, the Independent Community Bankers of America urged the OCC to reject the application, arguing the exchange has “demonstrably flawed risk and control functions.” The American Bankers Association similarly asked the regulator to slow its review of crypto charter requests in February.

The final approval arrives days after Democrats won both chambers of Congress, landing a charter issued by an executive-branch regulator outside any immediate legislative fights. Vice Chairman Ryan VanGrack emphasized that the firm has spent years “asking for clear rules and rigorous oversight,” with the company framing the milestone as “another major step” in integrating digital assets into the American financial system.