Coinbase National Trust Company’s charter became effective on November 6, 2026, according to the Office of the Comptroller of the Currency (OCC) application register. A conditional approval letter dated the same day confirmed that the bank satisfied pre‑opening requirements and authorized it to commence operations on November 9.
Scope of the charter
The charter permits the new entity to provide cryptocurrency custody services under federal fiduciary supervision. Custody activities remain subject to trust‑company limits, capital‑buffer requirements, and ongoing OCC oversight of material changes.
Transition of existing custody accounts
An agreement dated September 1 between Coinbase Custody Trust Company (the New York trust) and the National Trust Company outlines a gradual transfer of custody‑service rights and responsibilities. The OCC approved the acquisition and assumption of those accounts under an exemption from certain bank‑affiliate transaction restrictions. No public data currently indicates how many client accounts have completed the migration.
Regulatory requirements
- Maintain at least $60 million in Tier 1 capital.
- Hold prescribed liquid‑asset buffers.
- Keep a separate reserve covering 180 days of operating expenses during the first three years.
- Provide 60‑day notice and obtain OCC non‑objection for material changes to products, services, or any transactional offerings to custody customers.
Planned migration timeline
The original April 2 preliminary decision envisioned moving the entire custody business to the national trust over a three‑year operating period. The November final approval supersedes earlier conditions while preserving the limited trust‑company scope.
Coinbase announced the final approval on November 9, stating that the charter provides a consistent federal framework for its custody operations.
