Coinbase has received final approval from the US Office of the Comptroller of the Currency (OCC) to charter Coinbase National Trust Company, moving its crypto custody business under federal bank supervision.

The exchange announced the decision on Monday, November 9, in a blog post by Rick Schonberg, its head of prime trading and custody. It said the OCC approved its application “last Friday”.

The final sign-off comes seven months after the regulator granted preliminary conditional approval on April 2, subject to preopening requirements, according to the OCC’s published decision letter.

What the charter covers

The new entity is a national trust bank, which is narrower than a full banking licence.

According to the OCC’s April letter, the bank…