Crypto.com Wins Initial Approval for U.S. Federally Regulated Crypto Custody Bank

Crypto.com has secured an initial approval to form a U.S. federally regulated crypto custody bank under a national trust charter, a development that would bring its custody services into a single, federally supervised framework. The preliminary nod signals a closer alignment with traditional banking oversight and suggests the company is moving to offer onshore custody with clearer regulatory guardrails and potentially stronger protections for customer assets.

The approval is an important regulatory milestone but is not yet final; Crypto.com must still satisfy capital, governance and compliance conditions before full licensing. If completed, the charter could reduce fragmentation in custody offerings, make it easier for institutions to hold crypto domestically, and set a template for other firms seeking bank-style supervision. Market participants will be watching the timeline and supervisory terms, which will shape how quickly institutional adoption and custodial competition accelerate in the U.S.