EDX Markets, a crypto exchange backed by Citadel Securities and Fidelity Digital Assets, has filed with the Office of the Comptroller of the Currency (OCC) for a national trust bank charter.

The OCC has not indicated a timeline for a decision on the application; however, if it is approved, EDX’s custody, management, and trading operations would fall under direct banking supervision.

Securing a trust bank charter would provide EDX with the regulatory framework needed to serve institutional investors, who have identified custody risks and regulatory uncertainty as obstacles to adopting crypto.

Other crypto firms have recently secured approvals from the OCC for a national trust bank charter.

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