Business
BitGo Secures Regulatory Approval to Become a Bank
Crypto custodian BitGo said Friday that it has received conditional approval from the Office of the Comptroller of the Currency to convert into a bank.
Upon final approval, BitGo will convert its South Dakota–chartered trust company into a federally chartered national trust bank. The charter will allow BitGo to custody digital assets and certain non-deposit financial assets, and offer regulated crypto-related services without state-by-state approvals. The firm said it expects to receive final approval imminently.
The OCC confirmed in a press release Friday that it has approved the national trust bank charter applications from BitGo as well as four other crypto firms, including Fidelity Digital Assets, Circle Internet Group, Ripple, and Paxos.
