Coinbase said on Monday that the Office of the Comptroller of the Currency has granted final approval to charter Coinbase National Trust Company. According to Decrypt, the OCC approved the application on the Friday before the announcement, which would be November 6. Securities.io described the entity as a noninsured national trust bank, a New York-based, wholly owned subsidiary of Coinbase Global.
The charter covers Coinbase’s institutional crypto custody business. Coinbase said it will bring clear and consistent federal uniformity to those operations, and the new company builds on Coinbase Custody Trust Company, which holds a 2018 limited-purpose trust charter from New York’s Department of Financial Services. CEO Brian Armstrong said trusted custody is essential for bringing more of the financial system onchain.
The OCC gave conditional approval on April 2, after Coinbase applied in October 2025. At that stage Coinbase stressed that it would not become a commercial bank, take retail deposits or engage in fractional-reserve banking. Securities.io reported capital and liquidity conditions, including at least $60 million in tier 1 capital, and said stablecoin issuance is not part of the approved plan. The Decrypt article did not list conditions, so those details rest on a single outlet.
Decrypt noted that Circle and Ripple already hold final approvals. Senator Elizabeth Warren has argued the OCC’s crypto charter approvals are illegal, and the Independent Community Bankers of America has sued the OCC, calling them a side door into banking.
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Sources:
Decrypt: Coinbase Joins Circle, Ripple With Final OCC Approval for Federal Trust Bank Charter
Securities.io: Coinbase Wins Final OCC Approval for National Trust Bank
Banking Dive: Coinbase nabs conditional OCC charter approval
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