Coinbase Global Inc. received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust company. This federal charter places the largest U.S. cryptocurrency exchange under national oversight for specific operations.
The approval streamlines Coinbase’s ability to serve as a qualified custodian for digital assets nationwide. This status allows the company to bypass the complex state-by-state licensing system for its custody business.
The charter focuses strictly on custody and market infrastructure services. Coinbase will not operate as a commercial bank and will not accept retail deposits. The company will not engage in fractional reserve banking under this charter.
The new regulatory framework facilitates the launch of payments and financial services for institutional and individual clients.