Coinbase said on November 9, 2026, that the US Office of the Comptroller of the Currency (OCC) had granted final approval to charter Coinbase National Trust Company. According to the exchange, the regulator approved its application the previous Friday, November 6.
The company said the charter would allow it to expand its institutional digital-asset custody business under a federal regulatory framework, bringing what it described as “clear and consistent federal uniformity” to those operations.
Federal framework for custody
Coinbase has provided regulated custody services since 2018, when the New York Department of Financial Services granted Coinbase Custody Trust Company a limited-purpose trust charter. The company said its new national trust company builds on that foundation.
The final approval followed conditional OCC approval in April 2026, seven months earlier. At that time, Coinbase said it was not becoming a commercial bank and would neither accept retail deposits nor engage in fractional-reserve banking. It first applied for the national charter in 2025.
“Trusted custody is essential for bringing more of the financial system onchain,” CEO Brian Armstrong wrote on November 9, describing Coinbase National Trust Company as another step toward that foundation. Coinbase also described itself as the leading crypto custodian globally.
Other applicants and legal opposition
Coinbase joined other crypto firms that had received final national trust charter approvals. Circle secured approval in July 2026 for a trust bank to manage reserves backing USDC, while Ripple received approval in October for a trust bank supporting its RLUSD stablecoin.
Other applications had not reached final approval at the time of the report:
- Jack Dorsey’s Block applied in September 2026 for a charter to custody Bitcoin.
- Kraken parent Payward filed its application in May.
- A trust company linked to Trump family-backed World Liberty Financial received conditional approval in August for a charter tied to its USD1 stablecoin, Reuters reported.
The OCC’s approach has faced opposition. Senator Elizabeth Warren, a Massachusetts Democrat, has argued that the regulator’s crypto charter approvals, including Coinbase’s, are illegal. The Independent Community Bankers of America has sued the OCC in an effort to prevent crypto firms from entering banking through what the group describes as a “side door.”
Original reporting published November 9, 2026, at 19:50:36 UTC+08:00. Source: Decrypt.