Coinbase wins full US banking approval, but with key restrictions

Coinbase has secured a full national trust bank charter from the Office of the Comptroller of the Currency (OCC), allowing the US cryptocurrency exchange to operate its institutional custody business under direct federal banking supervision. Summary Coinbase secured full OCC charter approval, bringing its institutional crypto custody operations under federal supervision. The company plans to transfer its existing New York-regulated custody business over three years gradually. Coinbase’s national trust charter excludes ordinary retail deposits, traditional lending, and direct stablecoin issuance activities. Ripple received comparable federal approval in October, expanding its regulated custody and stablecoin reserve operations. Community banking groups continue challenging OCC trust charter policies through litigation filed in October 2026. According to the OCC’s licensing records, Coinbase National Trust Company completed its chartering process on Nov. 6, 2026, following preliminary approval in April. The company announced the completed approval on Nov. 9, ending a process that began with its application in October 2025. The decision places Coinbase among crypto companies that have...