Overview
- Regulators granted conditional approval on Feb. 23 for Crypto.com to form Foris Dax National Trust Bank, which plans to operate as Crypto.com National Trust Bank once fully authorized.
- The limited‑purpose charter excludes deposits and lending, focusing on digital‑asset custody, multi‑chain staking, and trade settlement, with support for Crypto.com’s Cronos network.
- Final authorization requires updated governance, risk controls, capital and operational plans, followed by OCC reviews and ongoing reporting before launch.
- The federally chartered trust will run alongside Crypto.com’s existing New Hampshire‑regulated custodian rather than replacing it.
- The decision aligns with a broader shift toward national trust charters, following Bridge’s clearance last week and earlier approvals involving Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos.