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Crypto.com gains conditional approval for trust bank charter

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Crypto.com gains conditional approval for trust bank charter

Global cryptocurrency platform Crypto.com has received conditional approval from the Office of the Comptroller of the Currency to launch a federally regulated trust bank in the United States.

Summary

  • Crypto.com received conditional approval from the OCC to form a national trust bank focused on digital asset custody.
  • The bank will offer regulated custody, staking, and settlement services but will not accept deposits or issue loans.
  • The move reflects a wider industry push toward federal oversight and institutional-grade crypto infrastructure.

With this approval, announced on Feb. 13, the company can move ahead with its plan to establish Foris Dax National Trust Bank. Once fully authorized, the entity will operate under the name Crypto.com National Trust Bank. 

The bank will mainly focus on providing institutional and corporate clients with trade settlement services, multi-chain staking, and digital asset custody. 

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Path toward federal oversight and institutional custody

Crypto.com initially applied for the charter in October 2025. To meet the operational, governance, and capital requirements necessary for a national trust bank, the company has since collaborated closely with regulators.

Before it can begin full operations, Crypto.com must satisfy several pre-opening conditions tied to the approval. These include finalizing its risk management systems, enhancing internal controls, and confirming that its compliance frameworks are fully in place.

Once approved, the trust bank will not operate like a traditional commercial bank. It will not accept cash deposits or issue consumer loans. Instead, it will serve as a qualified custodian, offering regulated storage and management of digital assets for institutional investors.

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The planned services include custody of cryptocurrencies, staking across multiple blockchains, and settlement infrastructure. This includes support for Crypto.com’s own Cronos network alongside other major digital asset protocols.

The company said its existing custody business in New Hampshire will continue operating without disruption during this transition.

Leadership response and broader industry trend

Commenting on the development, CEO Kris Marszalek said the approval reflects the company’s long-term focus on compliance and security. He added that the charter brings Crypto.com closer to becoming a “one-stop shop” custodian for institutions seeking federal oversight.

The decision puts Crypto.com alongside a growing list of crypto firms seeking national trust bank status. Companies including Circle, Ripple, Paxos, and Fidelity Digital Assets have already received conditional or full approval for similar structures.

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According to analysts, this change is a reaction to the growing institutional demand for regulated custody. Large investors are favoring platforms that adhere to federal regulations as U.S. regulations become more transparent.

Under OCC oversight, Crypto.com plans to lower counterparty risk, improve transparency, and appeal to traditional financial institutions that require qualified custodians.

If the charter is finalized, the company would gain nationwide coverage without depending on multiple state licenses. Compliance would be streamlined, and its institutional presence would expand.

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Crypto World

Canaan expands U.S. mining operations with purchase of Cipher’s Texas JV stake

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Bitcoin (BTC) mining stocks rallied in January despite softer BTC prices: JPMorgan

Canaan Inc. (CAN), a manufacturer of bitcoin mining hardware and an operator of crypto mining infrastructure, said it bought a 49% equity interest in a joint venture tied to several mining projects in West Texas from Cipher Mining (CIFR) for $39.75 million in stock.

The transaction covers Cipher’s stake in the ABC Projects, which include Alborz LLC, Bear LLC and Chief Mountain LLC. The rest of the venture is owned by WindHQ, according to a Monday statement.

The purchase was funded through the issuance of 806.4 million Class A ordinary shares, equivalent to 53.8 million American depositary shares, and makes Cipher, a U.S.-based bitcoin mining company that develops and operates large-scale data centers, a major shareholder in Singapore-based Canaan. The shares are subject to a six-month lock-up.

Canaan shares fell 6% on Monday, while Cipher shares rose 4%. Cipher is scheduled to report fourth-quarter earnings before the market opens on Feb. 24.

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The sites collectively operate 120 megawatts of energized power capacity and support approximately 4.4 exahashes per second (EH/s) of hashrate. Fleet efficiency stands at roughly 25.7 joules per terahash (J/TH).

As part of the agreement, Canaan also purchased 6,840 Avalon A15Pro mining rigs that were previously deployed at Cipher’s Black Pearl facility, which is being converted into an AI and high-performance computing data center.

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Trump Crypto Company Says ‘Coordinated Attack‘ on Stablecoin Failed

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Hackers, Donald Trump, Social Media, Stablecoin

World Liberty Financial, the crypto company backed by US President Donald Trump and his sons, reported being targeted by hackers, “paid influencers” and short sellers in an effort to “manufacture chaos” against the USD1 stablecoin.

In a Monday X post, World Liberty said the attack, which happened earlier in the day, failed after hackers targeted “several WLFI cofounder accounts,” opened “massive shorts” against the company’s WLFI token, and “paid influencers to spread FUD [fear, uncertainty, and doubt].”

The price of WLFI dipped by about 7% amid the “manufactured chaos,” according to the company, but was trading at $0.1128 at the time of publication. USD1 similarly dropped to about $0.994, briefly losing its peg to the US dollar, before returning to more than $0.999.

“Thanks to USD1’s sound mint-and-redeem mechanism and full 1:1 backing, we are trading steadily at par,” said World Liberty. No scammer can shake the long-term commitment of the entire WLFI team and cofounders to USD1.”

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Hackers, Donald Trump, Social Media, Stablecoin
Source: World Liberty Financial

The attack came just days after a World Liberty-organized crypto forum at Trump’s private Mar-a-Lago resort in Florida, which included speakers from the US government, crypto and banking industries, and former Binance CEO Changpeng Zhao, whom the president pardoned in October 2025. Forbes reported on Feb. 9 that Binance holds about 87% of the USD1 in circulation, worth about $4.7 billion at the time.

Related: OCC Comptroller says WLFI charter review will remain apolitical

Ties between WLFI and Binance are still under scrutiny

Some US lawmakers are questioning potential connections between World Liberty and Binance entities after Trump’s pardon of Zhao.

The former CEO had been barred from a leadership role at Binance as a result of a 2023 deal with US authorities in which he later served four months in prison, but the presidential pardon would effectively allow him to legally return. Zhao said in January that there were “no business relationships whatsoever” between himself and the Trump family, and he did not intend to return to lead Binance.

Both Bloomberg and The Wall Street Journal have reported that Binance helped create USD1. The stablecoin was also used to settle a $2 billion investment by UAE-based company MGX into Binance in March 2025, leading to conflict of interest accusations due to WLFI’s ties to the president’s family.

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