Coinbase Achieves Conditional Approval for Federal Trust Charter
On April 2, 2026, leading cryptocurrency exchange, Coinbase, made a significant announcement. It has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish the Coinbase National Trust Company. This marks a significant milestone in the federal regulation of digital asset custody. The approval positions Coinbase to operate as a federally regulated crypto custodian, pending the fulfillment of pre-opening conditions.
The conditional charter approval is specifically focused on custody and market infrastructure services, not commercial banking operations. Paul Grewal, Coinbase’s Chief Legal Officer, emphasized that the company will not accept retail deposits or engage in fractional reserve banking. Instead, the OCC charter will bring federal regulatory uniformity to Coinbase’s existing custody business, which is already serving as custodian for several U.S. spot bitcoin exchange-traded funds.
For Coinbase to receive final approval, it must meet specific OCC requirements. These include:
- Building out compliance systems
- Hiring key personnel
- Demonstrating robust risk management
- Passing regulatory reviews
The company will continue operating under its existing New York Department of Financial Services BitLicense and state trust charter while working through the federal approval process. Greg Tusar, Co-CEO of Coinbase Institutional, stated that the charter will lay a foundation for new products, including payments and related services. This will help the company diversify revenue beyond volatile trading fees.
Source: Coinbase Official Blog