Key Notes
- Coinbase has secured final federal approval for its national trust company.
- The OCC’s public record lists the charter as effective on November 6, following conditional approval in April.
- The trust charter focuses on custody and related services without authorizing retail deposits.
Coinbase has secured final federal approval for Coinbase National Trust Company, completing a regulatory process that began with conditional approval in April. The charter brings a key part of the exchange’s institutional custody business into the national banking system.
The company announced the final authorization on November 9, according to CoinDesk. Coinbase said it had completed months of compliance work, staffing and regulatory scrutiny before the Office of the Comptroller of the Currency signed off.
The OCC’s application record independently lists the charter as effective on November 6. It records the original application on October 3, 2025, and approval on April 2, 2026. The November 9 announcement, therefore, follows the effective date recorded by the regulator.
What the Trust Charter Covers
The OCC’s original decision letter described a wholly owned Coinbase subsidiary focused primarily on digital-asset custody for institutional clients. Related services include accepting, holding, and transferring assets within customers’ custody accounts.
The approved plan also allows the trust company to connect custody clients with affiliate services, including staking, Prime Trading and Prime Financing. The letter distinguishes that referral role from providing those underlying services itself.
Under the original plan, Coinbase would migrate its existing New York-chartered custody business to the national trust company over a three-year period. Final charter approval does not establish that the entire migration has already been completed.
Federal Custody Oversight, With a Limited Banking Role
Coinbase’s April company explanation framed the charter as a way to give custody and market infrastructure a consistent federal regulatory framework. It said Coinbase would not take retail deposits or engage in fractional reserve banking.
The OCC’s decision also identified the trust company as an uninsured institution. The authorization therefore does not provide Federal Deposit Insurance Corporation coverage for customers’ crypto assets.
Coinbase said federal oversight could support payments and related products while preserving its existing relationship with New York regulators. Its April statement specifically said Coinbase, Inc. would continue under state supervision. The national charter concerns the trust subsidiary, rather than converting every Coinbase business into a bank.
A Broader Push Into Federally Regulated Finance
Coinbase said the approval advances its effort to integrate digital assets into US financial infrastructure. In a statement reported by CoinDesk, Ryan VanGrack said the company had spent years seeking clearer rules and rigorous oversight.
The decision follows Ripple’s approval in October. Ripple’s trust-bank business covers stablecoin reserve management and custody, illustrating how crypto firms are pursuing different activities within the federal trust framework.
The OCC has also finalized its core stablecoin rules under the GENIUS Act, with an effective date of January 18, 2027. Those issuer requirements are a separate regulatory development. Coinbase’s original charter plan did not propose issuing stablecoins.
The expansion remains contested. CoinDesk reported that the Independent Community Bankers of America has sued the OCC over its authority to grant crypto trust charters. Coinbase’s authorization is a significant licensing milestone within that wider dispute over the shape of digital-asset banking.
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