Coinbase receives conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national trust company

According to official news, Coinbase has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. Coinbase stated that after obtaining this license, it will not transform into a commercial bank, will not accept retail deposits, and will not implement a fractional reserve system. Federal oversight through the OCC will bring consistency and uniformity to its custody business and lay the foundation for new products, including payment and related services, to better serve institutions and individuals.

Coinbase stated that the company will continue to operate under the supervision of the New York State Department of Financial Services (NYDFS), and the NYDFS's BitLicense and state trust charter will not become invalid.