Coinbase Receives Conditional OCC Approval: Building the Future of Finance

Today marks a significant milestone in Coinbase's long pursuit of regulatory clarity: we have received conditional approval from the Office of the Comptroller of the Currency (OCC) to charter Coinbase National Trust Company. This is the result of years of investment in compliance, engagement with regulators, and belief that the right path forward for crypto is through the system — not around it.

Let me be direct about what this means, and what it doesn't.

Coinbase is not becoming a commercial bank. We will not be taking retail deposits. We will not be engaging in fractional reserve banking.

This charter is about bringing federal regulatory uniformity to the custody and market infrastructure business we have been building for years. The OCC charter was designed precisely for this purpose — to provide clear oversight over assets in safekeeping — and that is exactly how we intend to use it.

Conditional approval means that Coinbase is positioned to build the next chapter of finance with the regulatory confidence that our partners, customers, and the broader market need. It means that our model of engaging with regulators, earning their trust, and operating to the highest standards has been validated. And it means that the federal regulatory framework that differentiates American markets from any other in the world is evolving to meet the moment that crypto has been building toward.

We have always sought uniform rules for digital assets. While Congress has made real progress on market structure, crypto is already woven into the fabric of the financial system. Federal oversight through the OCC will bring consistency and uniformity to our custody business and create a foundation for new products — including payments and related services — that serve the institutions and individuals who rely on us.

None of this diminishes the work we have done in partnership with the New York Department of Financial Services. Since 2015, the NYDFS BitLicense framework has been a cornerstone of how Coinbase built operational maturity and institutional trust. Coinbase, Inc. will continue to operate under NYDFS oversight. Our BitLicense and state trust charter are not going anywhere.

We are proud of what this milestone represents, not just for Coinbase, but for an industry that has worked hard to demonstrate that innovation and accountability are not in conflict. We look forward to working closely with OCC staff through the conditions of approval and to continuing to build a financial system that works better for everyone.