Crypto.com, a prominent digital-asset exchange, announced Monday that it has secured conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank within the United States. This pivotal development marks a significant stride toward greater federal oversight for the company, enabling it to provide institutional-grade custody, staking, and trade settlement services under the direct supervision of the OCC.

The newly formed entity, Foris Dax National Trust Bank, is slated to operate as Crypto.com National Trust Bank once it receives full authorization. This bank will function as a limited-purpose national trust bank, meaning its operations will be exclusively focused on digital-asset services. Crucially, it will not engage in traditional banking activities such as accepting deposits or issuing loans, maintaining a clear distinction in its operational scope.

The conditional approval signifies that Crypto.com can now proceed with its detailed plans for establishing the bank. However, final authorization is contingent upon the company successfully meeting a comprehensive set of pre-opening requirements. These include demonstrating adequate capital reserves, establishing robust governance frameworks, implementing stringent risk controls, and developing internal policies that align with federal banking standards.

This federal charter will complement Crypto.com’s existing state-level entity, Crypto.com Custody Trust Company, which is currently regulated by the New Hampshire Banking Department as a non-depository trust firm. The co-existence of these entities will allow Crypto.com to offer institutions a cohesive and 'one-stop-shop' qualified custodian solution, operating under a unified federal regulatory framework. According to CEO Kris Marszalek, this approval underscores the firm's unwavering commitment to compliance and its dedication to delivering secure, regulated services to its clientele. Marszalek articulated that this milestone brings the company closer to fulfilling the needs of leading institutions for a trusted custodian under the 'gold standard' of federal oversight.

Crypto.com’s pursuit of a national trust charter places it among a growing cohort of digital-asset firms venturing into similar federally regulated structures, including notable names such as Circle Internet Group, Paxos, BitGo, and Fidelity Digital Assets. For institutional investors, such federal oversight offers substantial benefits, including enhanced regulatory clarity, streamlined compliance processes, and significantly strengthened confidence in the security and reliability of digital-asset custody solutions.

In other recent developments concerning Kris Marszalek, it was reported by Bloomberg that he was among the first crypto executives to meet with Donald Trump at Mar-a-Lago following Trump's 2024 election victory. The company subsequently made a $1 million contribution to Trump’s inauguration committee and has previously provided eight-figure donations to MAGA Inc., a conservative political action committee. A recent filing further indicated an additional $5 million contribution to MAGA Inc. in January. Furthermore, earlier this month, Marszalek acquired the highly coveted AI.com domain for approximately $70 million in cryptocurrency. This acquisition, brokered by Larry Fischer, is believed to be the largest domain name transaction to date, with the domain previously listed at a staggering $100 million. Marszalek intends to leverage this purchase to launch a new consumer AI platform under the prestigious AI.com brand.