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OCC Greenlights Crypto Co. Paxos’ Federal Banking Charter


Law360 (April 23, 2021, 8:33 PM EDT) — Federal regulators said Friday that Paxos, the first cryptocurrency company to receive a New York banking license, has been preliminarily approved for a national license, positioning the company to make history again as the first in the digital asset space to have dual federal and state banks.

Paxos Trust Company LLC has had a trust charter from New York’s Department of Financial Services since 2015, but the company applied with the Office of the Comptroller of the Currency late last year to launch a new national trust bank, Paxos National Trust, based in New York.

The OCC gave that application the…

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