Paxos Secures Conditional National Bank License

The Office of the Comptroller of the Currency (OCC), part of the U.S. Treasury, has approved Paxos’ application for a nationwide trust bank license. CoinDesk reports this.

The company has eighteen months to meet all regulatory requirements. After that, the OCC will issue a permanent license to operate in all states.

Paxos filed an application in December 2020. At that time the company was regulated by the New York State Department of Financial Services as a trust company.

Earlier, the Wyoming Banking Board granted the Bitcoin exchange Kraken and cryptocurrency startup Avanti the status of a special-purpose depository institution with the functions of a traditional financial institution.

In January 2021, the OCC approved the custodian’s Anchorage’s application for a nationwide ‘digital asset bank’ license.

In February, Protego Trust Bank received the second in the United States license for a federal crypto bank.