Latin America’s Largest Digital Bank Wins Conditional OCC Approval for U.S. Crypto Custody
Latin America’s largest digital bank announced it received conditional approval from the Office of the Comptroller of the Currency (OCC) to operate in the U.S. with deposit accounts, credit cards, lending services and digital asset custody. The conditional nature means the bank must satisfy specified supervisory and compliance requirements before full operating authority is granted, but the nod already clears a major regulatory hurdle for U.S. market entry. This move matters because U.S. custody permission in a regulated framework can broaden access for institutional and retail clients, strengthen cross-border payment and lending offerings, and heighten competition with incumbent U.S. banks and custodians. Market watchers will be focused on how quickly the bank meets OCC conditions, how it structures custody safeguards and anti-money-laundering controls, and what this means for crypto adoption between North and Latin American markets.