The Office of the Comptroller of the Currency (OCC) has granted Coinbase final approval to operate under a federal banking charter. The crypto exchange announced this milestone on Monday, marking the culmination of years of advocacy for clear regulatory oversight. Rick Schonberg, head of prime trading and custody at Coinbase, emphasized that this approval provides a predictable federal framework for the company's cryptocurrency operations.
In a separate development, federal prosecutors in Manhattan have unsealed an indictment against three individuals accused of orchestrating a sophisticated fraud scheme. The group allegedly impersonated a Rhode Island bank's CEO to steal approximately $2.68 million in November 2024. Additionally, they targeted a major New York investment bank, tricking an employee into authorizing a $2.85 million wire transfer in October 2024, though the bank's back office prevented the funds from being sent.
The indictment names Jacob Soall, Sharon Hazan, and Guy Sheetrit, who are alleged to have operated from Spain, Israel, and the United Arab Emirates. The case highlights the ongoing challenges banks face in combating financial fraud and impersonation schemes.