Crypto.com received conditional approval from the Office of the Comptroller of the Currency (OCC) on Monday to create a national trust bank in the United States. 

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The crypto exchange announced on Monday that it has received conditional approval on Monday to charter Foris Dax National Trust Bank, which will start doing business as Crypto.com National Trust Bank. The company had applied for the charter back in October last year, and this approval moves it one step closer to operating under direct federal oversight.

If fully approved, the bank will be allowed to hold and safeguard clients' digital assets as a federally regulated institution. This means Crypto.com will be able to offer custody, staking across different blockchains, including Cronos, and trade settlement services within a national banking framework. 

“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, co-founder and CEO of Crypto.com.

Crypto.com added that the approval will not change how its existing custody business operates. It will continue serving clients under regulation from the New Hampshire Banking Department as a non-depository trust company. 

The company said it remains focused on meeting regulatory and compliance requirements as it works toward full approval of its National Trust Bank.

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