Coinbase Secures Final OCC Approval for Its National Trust Bank

Coinbase's new federal trust bank is built for institutional custody, not deposits, and will absorb its New York custody business over three years. Coinbase officially has a federal bank charter, just not the kind that takes deposits. The exchange announced Monday that Coinbase National Trust Company has cleared the OCC, and the regulator's application records show the charter took effect on Friday, Nov. 6th. Custody, not commercial banking: Under the OCC's April 2nd conditional approval , the bank holds crypto as a fiduciary, mainly for institutions, and lets those clients move cash and crypto within their custody accounts.