Coinbase: "We’ve received OCC approval… but have no plans to establish a bank"

JH Kim

Summary

Coinbase said it has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC).
Coinbase said it has no plans to convert into a commercial bank, take deposits, or adopt a fractional-reserve system.
The company said the approval is expected to help secure consistent federal regulatory treatment for asset custody and lay the groundwork for future payments business expansion.

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Coinbase said it has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC), but has no plans to establish a bank.

On the 2nd (local time), Coinbase said in an official blog post, "We have no plans to convert into a commercial bank or take deposits," adding that it is "not considering adopting a fractional-reserve system, either."

It added that the approval is expected to help secure consistent federal regulatory treatment for asset custody and lay the groundwork for expanding its payments business going forward.