Coinbase Sees Conditional Approval for National Trust Charter
Coinbase has received conditional approval from the U.S. Office of the Comptroller of the Currency for a national trust company charter.
The decision marks a step towards Coinbase operating as a federally regulated crypto custodian, allowing it to hold digital assets on behalf of clients and strengthen its ability to offer custody services to institutional clients, including pension funds and asset managers.
Coinbase must meet several requirements before the OCC grants a full charter, including building out compliance systems, hiring key personnel, and completing regulatory reviews. The company must also demonstrate that it can manage risk, protect client assets, and meet Anti-Money Laundering standards.
Vice President of Institutional Product Greg Tusar emphasized that the charter does not allow Coinbase to accept deposits or issue loans, but rather brings federal regulatory uniformity to its custody and market infrastructure business.