Coinbase Receives Official U.S. OCC Trust Bank Charter

On November 9, citing CoinDesk, that Coinbase stated the U.S. Office of the Comptroller of the Currency (OCC) has officially approved the national trust bank charter for Coinbase National Trust, which was previously under conditional approval.

Coinbase National Trust received preliminary approval in April of this year to provide federally regulated custody and payment services, but will not operate as a full-service bank that accepts deposits and issues loans. Coinbase stated that the OCC approved the formal charter after the company spent several months establishing a compliance framework, hiring necessary personnel, and undergoing regulatory review.