Crypto.com has filed for a National Trust Bank Charter application with the OCC (Office of the Comptroller of the Currency).
With this application, the company is showing its commitment to consumer protection and compliance, advancing its custody technology and related customer offerings, such as custody and staking of assets, across multiple blockchains and digital asset protocols.
Crypto.com’s licensing journey
A National Trust Bank Charter will strengthen Crypto.com’s presence as a custody provider, specifically for Digital Asset Treasuries, Exchange Traded Funds, and other corporate and institutional investors. The firm aims to build its product and service portfolio through regulated and secure offerings, delivering trusted services to its customers. In addition, the company will further focus on meeting the ever-evolving needs and demands of its customers, designing tailored solutions for them while focusing on remaining compliant with industry standards and market laws.
This filing does not affect Crypto.com Custody Trust Company’s ongoing operations or client services as a Qualified Custodian regulated by the New Hampshire Banking Department as a non-depository trust company. The announcement comes as the company gained approval for a full stack of US Commodity Futures Trading Commission (CFTC) derivatives licenses. This enables Crypto.com | Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse and an affiliate of Crypto.com, to offer margined derivatives trading on crypto and other asset classes with an amendment to its designated contract market (DCM) license.
This will enable Crypto.com to offer a comprehensive derivatives trading journey, including spot markets, prediction markets, stocks, qualified custody, credit and debit cards, and more. The firm will also be able to deliver margined derivatives, including crypto perpetuals. CDNA filed its request to amend its DCM order back on May 31, 2024, as part of the process to amend the DCM order for margin. At the same time, CDNA provided extensive documentation and performed multiple trading demos, which required several reviews made by the CFTC Staff. Product and service availability, as well as terms and conditions, are currently subject to legal terms and jurisdiction restrictions.
