• The exchange plans to expand its financial services, especially payments and settlements, without becoming a full bank.
• Currently, it operates under New York’s BitLicense through its custody unit.

Coinbase has officially applied for a national trust charter with the U.S. Office of the Comptroller of the Currency (OCC), the exchange announced Friday.

If approved, it will allow the company to broaden its financial offerings, particularly in payments and settlements, without the full regulatory burden of becoming a bank.

Currently operating under New York’s BitLicense framework through its custody arm, Coinbase Custody Trust Company (CCTC), the company anticipates that gaining an OCC trust charter will grant it more regulatory flexibility.

Unlike a full-service bank charter, the trust charter offers oversight from a single federal regulator, removing the need to secure approvals in every individual state.

See Related: U.S. Banking Regulator Opens The Door For Crypto Adoption

No Intention Of Becoming A Bank

Greg Tusar, Coinbase’s vice president of institutional product, underscored this point by stressing that the company does not intend to become a bank. Instead, Tusar highlighted that regulatory clarity and trust from both customers and regulators allow Coinbase to innovate securely and confidently.

“Coinbase has no intention of becoming a bank. It is our firm belief that clear rules and the trust of our regulators and customers enable Coinbase to confidently innovate while ensuring proper oversight and security,” he explained.

This application is part of a broader industry trend, with other crypto firms like Circle, Ripple, and Paxos also applying for federal charters in 2025. Coinbase views the national charter as a way to bridge the crypto economy with traditional finance more seamlessly.

By securing a federal trust charter, Coinbase expects to open the door to new financial products, including payments and settlement services, supported by streamlined regulatory oversight.

Coinbase is engaging closely with OCC staff throughout the review process and remains open to public feedback and questions from regulators. Should the charter be granted, Coinbase aims to accelerate product development and institutional adoption across the growing crypto-finance landscape, all while maintaining security and regulatory compliance.

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