Chief legal officer Paul Grewal announced the approval on Thursday, thanking OCC head Jonathan Gould, who took office less than a year ago.
The US Office of the Comptroller of the Currency (OCC) has approved cryptocurrency exchange Coinbase’s application for a national bank trust charter after six months of consideration.
In a Thursday X post, Coinbase chief legal officer Paul Grewal said the company received conditional approval for the OCC application, following December approvals for Ripple Labs, BitGo, Circle, Fidelity Digital Assets and Paxos.
Although the company said it had “no intention of becoming a bank” if approved, the move by US regulators marks one of the most significant forays into bridging crypto and traditional finance.
At the time of publication, the OCC website showed no change to Coinbase’s application, which it marked as received by the banking regulator. Cointelegraph reached out to the exchange for comment but did not receive an immediate response.
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This is a developing story, and further information will be added as it becomes available.
