Coinbase wins national trust charter, and strict OCC mandates apply

Coinbase National Trust Company’s federal custody charter is now effective, moving the exchange’s institutional custody expansion beyond preliminary approval. The Office of the Comptroller of the Currency’s (OCC) application register records Nov. 6 as the effective date. A final conditional approval letter dated Nov. 6 says the bank met its preopening requirements and authorizes it to open on Nov. 9. That gives the new entity permission to provide cryptocurrency custody under federal fiduciary supervision. The OCC has also approved an arrangement to transfer accounts from Coinbase’s New York trust company over time. Coinbase announced final approval on Nov. 9, saying the charter would bring a consistent federal framework to its custody business. The milestone follows the April 2 preliminary decision .

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