Coinbase Secures Final OCC Approval for National Trust Company
Coinbase has cleared the final regulatory stage for establishing its national trust company in the United States, marking a significant development for its institutional digital-asset custody business. The Office of the Comptroller of the Currency (OCC) granted final conditional approval after the company completed the requirements attached to its preliminary approval in April 2026.
The OCC's public licensing record lists Nov. 6, 2026, as the effective date for Coinbase National Trust Company. Coinbase announced the approval on Nov. 9, describing the charter as a step toward expanding its custody services under a federal regulatory framework.
The authorization gives the company a federally supervised structure for holding digital assets on behalf of customers. However, it does not make Coinbase a conventional commercial bank that accepts retail deposits and operates through fractional-reserve lending.
OCC Charter Moves Beyond April's Conditional Approval
Coinbase's application progressed through two separate regulatory milestones. On April 2, 2026, the OCC granted preliminary conditional approval for the proposed national trust company. That decision allowed the company to proceed with the organizational process but did not yet authorize it to begin operations.
The regulator issued its final conditional approval on Nov. 6 after confirming that the organizers had completed the required preopening steps. The OCC's licensing register records the application as approved on April 2 and consummated or effective on Nov. 6.
The final decision also authorized Coinbase National Trust Company to open for business on Nov. 9. The OCC's November approval letter confirms that the company met the preopening requirements connected with the earlier approval.
Federal Oversight Focuses on Digital-Asset Custody
The central purpose of the new entity is to provide cryptocurrency custody in a fiduciary capacity, primarily for institutional customers. Custody involves safeguarding digital assets on behalf of clients rather than using those assets as the company's own holdings.
The OCC's approval places these activities under federal supervision and subjects the trust company's custody services to fiduciary duties and standards of conduct. This creates a federal regulatory framework for the business while preserving the distinction between custody services and conventional commercial banking.
Under the approved business plan, Coinbase National Trust Company can also support certain transactions involving assets held in customer custody accounts. These activities include accepting, holding and transferring custodied fiat currency and digital assets. Fiat currency held in custody will be maintained in for-benefit-of accounts at third-party banks.
The OCC's decision also allows the trust company to facilitate customer access to certain services offered by Coinbase affiliates, including staking, Prime Trading and Prime Financing. However, the trust company itself will act as a finder for these services rather than directly providing the underlying products.
Coinbase Will Retain Its Existing New York Regulatory Foundation
The national charter builds on Coinbase's existing custody operations in New York. The company's custody business has operated through Coinbase Custody Trust Company, LLC, which received a limited-purpose trust charter from the New York State Department of Financial Services in 2018.
The OCC's April decision states that Coinbase plans to migrate the entirety of this existing custody business to the national trust company over a three-year period. This means the federal charter does not represent the creation of custody services from scratch. Instead, it establishes a new regulatory structure for an established business.
New York's regulatory framework remains relevant to Coinbase's broader operations. The New York Department of Financial Services lists Coinbase Custody Trust Company among entities holding limited-purpose trust charters. Coinbase's earlier announcement also stated that Coinbase Inc. would continue operating under NYDFS oversight, with its existing BitLicense and state trust charter remaining in place.
The Charter Does Not Make Coinbase a Commercial Bank
The distinction between a national trust company and a conventional commercial bank is important. Coinbase said when it received preliminary approval in April that it would not accept retail deposits or engage in fractional-reserve banking.
The final OCC decision reinforces the limited scope of the new institution. Its operations must remain within the trust-company activities and related services described in its approved business plan. Significant changes to its business or operations require advance notice and a written determination of no objection from the OCC.
The regulator also imposed financial safeguards. During the company's first three years of operation, it must maintain at least $60 million in Tier 1 capital. At least the greater of 50% of that capital or $30 million must be held in eligible liquid assets. Separately, it must maintain eligible liquid assets equal to 180 days of operating expenses, without counting the same assets toward both requirements.
These conditions establish capital, liquidity and operational requirements for the new institution. The OCC also retains supervisory authority over the company, including its compliance with applicable regulations.
What the Approval Means for Coinbase's Custody Business
The final approval gives Coinbase a federal charter through which it can expand institutional digital-asset custody and related services. It also creates a defined process for transferring the existing New York custody business to the national trust company over the planned three-year period.
Coinbase described the development as a way to bring greater federal consistency to its custody operations. The company's Nov. 9 announcement emphasized the role of the charter in strengthening the regulatory framework for customers and institutional partners.
The immediate milestone is regulatory authorization, not the launch of a newly announced payments product. Although Coinbase discussed payments and related services as potential areas of development when it received conditional approval in April, its November announcement focused on federally regulated custody.
The charter therefore represents a change in the oversight structure for Coinbase's custody business, while the scope of its permitted activities remains defined by the OCC-approved business plan.
