Coinbase has received conditional approval from the Office of the Comptroller of the Currency for a national trust company charter. This is not a final authorization and comes with requirements the exchange must meet. The move aligns with Coinbase’s strategic shift toward stable, institutional-focused revenue through custody services. Chief Legal Officer Paul Grewal stated the company will not operate under the charter until final approval is secured.
Coinbase has received conditional approval from the Office of the Comptroller of the Currency for a national trust company charter. The approval is not final and comes with conditions that must be met before full authorization is granted.
The conditional approval outlines steps the exchange must complete, including strengthening compliance systems and hiring key personnel. The OCC also requires demonstrations of risk management and adherence to anti-money laundering rules.
Paul Grewal, the chief legal officer of Coinbase, confirmed the company will not operate under the charter until final approval is secured. He explained that this phase gives Coinbase the opportunity to refine its plans and expand its services in ways that support the growth of the crypto industry.
If finally approved, the charter would allow the exchange to operate as a non-insured national trust company. The firm could hold digital assets for clients but would not be permitted to take deposits or issue loans like a traditional bank.
As big investors and institutions move into the digital asset space, the need for secure and regulated custody solutions has grown. For Coinbase, the move is part of a broader strategy to reduce reliance on fluctuating trading fees.
Custody services offer a more stable source of revenue, especially as the company already safeguards assets for several U.S. spot bitcoin exchange-traded funds. Looking ahead, the exchange sees additional opportunities beyond custody, particularly in payment services.
