Coinbase Receives Final Approval to Operate as a Trust Bank in the U.S.

• The OCC made the authorization effective on November 6, 2026.
• The license requires liquid reserves to cover 180 days of operating expenses.

Coinbase has secured a place within the traditional banking structure of the United States. The company announced on November 9 that it received final approval to establish a national trust bank, which will allow it to expand its digital asset custody services.

The Office of the Comptroller of the Currency (OCC) made the authorization of Coinbase National Trust Company effective on November 6, 2026. The entity will be a wholly-owned subsidiary of Coinbase Global, based in New York, and will primarily be dedicated to custodying digital assets for institutional clients.

As reported by CriptoNoticias, the company submitted the application on October 3, 2025, and received a conditional preliminary approval on April 2, 2026. To obtain the final endorsement, it had to meet regulatory requirements related to its systems, personnel, and compliance structure.

The license allows the new entity to receive, hold, and transfer digital assets and fiat money within custody accounts. However, it will not be able to accept retail deposits, grant loans, or operate under a fractional reserve system. It will also not have federal deposit insurance for the digital assets held in custody.

Clients' fiat money will be held in accounts opened at external banks for the benefit of the custody account holders. Additionally, services such as participation in cryptocurrency networks, trading, and financing will continue to be offered by other companies in the group. The new entity will only be able to connect its clients with those services.

The OCC also established financial conditions for the first three years of operations. Coinbase National Trust Company must maintain at least USD 60 million in Tier 1 capital. It will also need to have sufficient liquid assets to cover 180 days of operating expenses. In addition, there is an independent requirement to maintain eligible liquid assets worth the greater of 50% of its Tier 1 capital or USD 30 million.

The company will have up to three years to transfer its custody business from Coinbase Custody Trust Company, an entity that has operated under the supervision of the New York Department of Financial Services since 2018. The company also obtained a state license to operate with cryptocurrencies in 2017 and will maintain New York oversight during the transition.

This advancement also occurs amid opposition from traditional banking. The Independent Community Bankers of America sued the OCC in October 2026, arguing that the agency exceeded its authority by granting national trust licenses to companies in the sector.

Coinbase thus joins a trend that includes Circle, Ripple, and BitGo, favored by the framework for stablecoins established in the GENIUS Act. However, its authorization does not include the issuance of these assets.

The authorization of Coinbase could set a precedent for other companies seeking to operate under this figure. However, the lawsuit against the OCC raises a key question: how far can the banking system open up to cryptocurrency companies without changing the rules governing traditional banks?

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