Coinbase has secured final approval from the Office of the Comptroller of the Currency (OCC) to establish Coinbase National Trust Company, joining Circle and Ripple in obtaining a federal trust charter for custody operations. The approval, granted last Friday, allows Coinbase to consolidate its custody services under a single federal regulatory framework, reducing reliance on state-level licenses. Coinbase has been safeguarding digital assets for over 14 years and positions itself as the leading global crypto custodian, working with major financial firms.
The approval builds on Coinbase’s earlier regulatory milestones, including a BitLicense from New York’s Department of Financial Services in 2017 and a limited-purpose trust charter for Coinbase Custody Trust Company in 2018. Coinbase emphasized that this is a significant step forward for its custody services, which have been in operation for more than a decade. The company clarified that this does not mean it is becoming a bank, a point stressed by CEO Brian Armstrong during its conditional OCC clearance in April.
Coinbase’s approval follows a broader trend of crypto firms securing federal trust charters. Circle received its final OCC approval in July, while Ripple secured its approval in October, covering reserve management and custody for its stablecoin RLUSD. Other firms, including BitGo, Paxos, and Fidelity Digital Assets, have also received conditional or full approvals in recent years. Anchorage Digital was the first to pioneer a federal charter in 2021.
Technically, Coinbase shares remain below key moving averages, with the Parabolic SAR indicating a bearish trend. The stock would need to reclaim the $140 level to signal a potential recovery, while stronger resistance lies between $153 and $158, where the SAR and 20-day EMA converge.