Coinbase has secured final approval from the US Office of the Comptroller of the Currency (OCC) to operate as a national trust company. This milestone allows the cryptocurrency exchange to significantly expand its custody services, marking a notable development in the crypto industry.
The approval comes amid a broader trend of crypto firms obtaining national trust charters during the second Trump administration. Coinbase joins Circle and Ripple in achieving this status, with applications from Block and Payward still pending.
The decision has drawn criticism from a community bankers group, reflecting ongoing tensions between traditional financial institutions and the evolving crypto sector.