Coinbase wins national trust charter, and strict OCC mandates apply
Summary
Coinbase National Trust Company’s federal custody charter became effective Nov. 6, with authorization to open Nov. 9 and provide cryptocurrency custody under federal fiduciary supervision. The OCC also approved a gradual transfer of custody accounts and assets from Coinbase’s New York trust company, though no completed transfers or client schedule were reported. The bank must remain within its approved trust-company scope; material changes during its first three years require 60 days’ notice and OCC non-objection. It must maintain at least $60 million in Tier 1 capital, liquidity buffers and a reserve covering 180 days of operating expenses.
