A top financial regulatory cop has granted Coinbase — the world’s biggest crypto exchange — a national trust charter. But that doesn’t mean it’s now a bank. (Disclosure: Yahoo Finance has a partnership with Coinbase.)

What the Office of the Comptroller of the Currency’s national trust bank charter offers Coinbase is federal oversight and authorization to provide fiduciary services, digital asset custody (safely holding and protecting investments on behalf of clients), and potentially expanded payment or stablecoin services. Unlike a full commercial banking license, a national trust bank cannot take traditional, FDIC-insured demand deposits or make general commercial loans.

Rick Schonberg, CEO of the…