Singapore-based crypto exchange Crypto.com announced on Friday that it has applied for a national trust bank charter with the U.S. Office of the Comptroller of the Currency (OCC) one of the country’s top federal banking regulators. The move places Crypto.com alongside major crypto firms such as Coinbase, Ripple, Circle, and BitGo that are pursuing similar regulatory recognition. According to the company, the charter would allow Crypto.com to strengthen its custody technology and expand client services related to asset storage and staking across multiple blockchains, including Cronos, its own Layer-1 network. Last month, Cronos reportedly sold about $178 million worth of tokens to Trump Media, the parent company of Truth Social.
By obtaining the OCC license, Crypto.com aims to become the preferred digital-asset custody provider for institutional investors, exchange-traded funds (ETFs), and corporate treasuries seeking secure blockchain-based solutions.
Recent market data from The Block shows that Crypto.com has outperformed its closest rival, Coinbase, in trading volume over the past few months. In September, the exchange processed $83.9 billion in transactions, compared to Coinbase’s $78.9 billion.
The gap widened in October, with Crypto.com reaching $94.3 billion, while Coinbase handled $80.5 billion. The OCC, now led by Jonathan Gould, former chief legal officer at Bitfury, recently granted preliminary conditional approval to Erebor Bank, a project backed by venture capitalist Peter Thiel.
Gould described the approval as “proof that the OCC under my leadership does not impose blanket barriers on banks seeking to engage in digital-asset activities.” With its growing market share and regulatory ambitions, Crypto.com’s latest move signals a broader effort by leading exchanges to integrate digital-asset services into the traditional financial system while building trust with U.S. regulators.
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