Coinbase Global Inc. (NASDAQ:COIN) said Thursday it has secured a conditional approval from the Office of the Comptroller of the Currency to form a federally chartered national trust company.

Crypto Operations Under Federal Oversight

Coinbase emphasized that it is not transitioning into a “commercial bank” and will not be taking retail deposits or engaging in fractional reserve banking.

“This charter is about bringing federal regulatory uniformity to the custody and market infrastructure business we have been building for years,” the company said.

CEO Brian Armstrong reiterated the point, saying that Coinbase is bringing the “infrastructure of crypto” under federal…

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