Key Points
- Crypto.com has applied for a National Trust Bank Charter with the US Treasury’s Office of the Comptroller of the Currency (OCC).
- The firm’s Cronos (CRO) experienced a brief surge following the announcement.
Crypto.com, a Singapore-based digital assets trading platform, recently made public its submission of a National Trust Bank Charter application to the Office of the Comptroller of the Currency (OCC), an agency within the US Treasury.
The approval process, which involves a detailed evaluation by the OCC, typically spans between 12 and 18 months. This is to ensure that Crypto.com meets the minimum requirements for the charter.
Implications of Approval
Should the application be approved, Crypto.com’s regulated banking operations would fall under US federal jurisdiction. This would mean that the platform would no longer be subject to varying state laws covering the same banking services.
The company has been focusing on rapid global expansion throughout 2025. It recently secured In-Principal approval from the Central Bank of the United Arab Emirates (CBUAE) for its Foris DAX Middle East FZ-LLC to operate as a licensed Stored Value Facility. This makes it the first Virtual Asset Service Provider (VASP) in the UAE to achieve this recognition.
Cronos (CRO) Performance
Following the announcement of the OCC application, Crypto.com’s Cronos (CRO) saw a brief increase in value, peaking at $0.0153. This represented a rise of more than 2% over the previous 24 hours. However, the value later settled back down to $0.0146.
Several cryptocurrency firms have been taking advantage of recent regulatory shifts towards digital assets in the US by filing for OCC banking charters. Coinbase, for instance, filed for its charter on Oct. 4 with the aim to “streamline oversight for new offerings and enable continued innovation to integrate digital assets into traditional finance.” Other companies such as BitGo, Circle, Paxos, and Ripple are also seeking US banking charters.
