Revolut Secures OCC Approval, Paving Way for Mainstream Crypto Banking

Revolut has secured conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national bank charter, marking a significant development in crypto banking. The approval allows Revolut to operate a banking entity that can offer traditional services alongside crypto trading and custody.

The OCC's shift towards digital assets is reflected in its 2025 clarification on processes for banks to engage in crypto-related activities. This move paves the way for mainstream brands like Revolut to offer federally regulated crypto banking, potentially lowering barriers for other fintechs to follow.

However, traditional bank charters introduce friction that crypto-native platforms have avoided by using neobanking solutions that partner with licensed banks. The charter's impact on global businesses and DAOs remains to be seen, as it may improve access to the US banking system while introducing legacy overhead such as capital requirements and regulatory exams.