Key Insights:
- Coinbase receives final OCC approval to operate a national trust bank after completing its chartering process on November 6, 2026.
- The exchange can offer federally supervised digital asset custody but cannot accept ordinary deposits, issue stablecoins, or make loans.
- Coinbase plans to move its existing custody business under the new federal trust bank over three years.
Coinbase news shows that the exchange has received final OCC approval for a national trust bank charter. This allows its trust unit to offer federally supervised digital asset custody and related services, but not ordinary deposits, lending, or direct stablecoin issuance. The approval follows months of review by the OCC.
Coinbase News as OCC Grants Final Charter Approval
Coinbase news took a major turn on November 9 after the company announced final approval for its national trust bank charter from the Office of the Comptroller of the Currency. OCC records show Coinbase National Trust Company completed the process on November 6, 2026. The decision follows preliminary approval on April 2 and an application filed in October 2025.
The charter allows the company to provide fiduciary digital asset custody and transaction services linked to assets held in custody accounts. It does not make Coinbase a conventional commercial bank. Notably, the institution cannot accept ordinary deposits, make loans, or issue stablecoins under its approved business plan.
The OCC record lists Coinbase National Trust Company as a new bank charter under a holding company. Its proposed headquarters are at One Madison Avenue in New York, and the application requested trust powers. The Coinbase exchange says the federal charter will support its custody and financial infrastructure business.
The approval puts Coinbase among crypto firms seeking federal trust bank status. Ripple received final approval for its national trust bank on October 26. Both companies are seeking federal oversight for digital asset services, but their approved plans differ. The charter therefore gives Coinbase federal supervision for custody, while leaving ordinary banking outside the scope of the approval.
Coinbase Exchange Moves Custody Business Under Federal Oversight
Coinbase Exchange already offers custody through Coinbase Custody Trust Company, a limited-purpose trust company regulated by the New York State Department of Financial Services. The new charter places the national trust bank under OCC supervision. Still, Coinbase Exchange intends to move its custody business to the federal entity over three years.
The bank can hold and transfer digital assets for institutional customers and provide transaction services tied to custody accounts. Customers may also access staking, prime trading, and financing through Coinbase affiliates. The OCC says the bank will act as an intermediary and will not directly provide those products.
Coinbase exchange disclosed that its application focuses on custody and financial infrastructure, not fractional-reserve banking. The charter does not let the Coinbase exchange accept retail deposits, fund loans with customer deposits, or issue a stablecoin. Coinbase has said stablecoin issuance was not part of its application.
This differs from firms seeking trust bank status for work directly tied to stablecoin reserves or issuance. Ripple’s proposed national trust bank is intended to support RLUSD. It can manage segregated reserves, act as collateral trustee, and provide digital asset custody. Its New York-regulated subsidiary remains responsible for issuing RLUSD.
OCC Requirements and Banking Groups Challenge the Approval
The OCC gave Coinbase preliminary approval on April 2, 2026, after operational preparations. The trust bank must hold at least $60 million in Tier 1 capital and enough liquid assets to cover 180 days of operating expenses. The license does not give Coinbase automatic access to Federal Reserve payment systems. Coinbase must apply separately.
The Independent Community Bankers of America filed a lawsuit on October 2 in the US District Court for the District of Columbia. It argues crypto firms can gain federal status without meeting duties imposed on traditional insured banks.
The lawsuit challenges the OCC’s March 2026 chartering rule and related guidance, including Interpretive Letter 1176. It asks the court to overturn the OCC’s conditional approval of Protego Holdings.
ICBA President Rebeca Romero Rainey said crypto trust bank assets lack safeguards attached to insured deposits. The OCC says national trust banks may perform non-fiduciary services. Its final rule took effect on April 1, 2026.
