Kraken's parent company has applied for a national bank charter from the Office of the Comptroller of the Currency, pushing the crypto exchange closer to offering regulated banking services. The move follows a string of similar approvals the OCC has granted to other major crypto firms over the past few years.
Why an OCC charter matters
A national bank charter from the OCC lets a company operate as a federally regulated bank in the United States. For crypto-focused firms, that means they can hold customer deposits, offer loans, and process payments under the same rules that apply to traditional banks. It also gives them access to the Federal Reserve's payment system.
Kraken's parent hasn't said what specific banking services it plans to offer if approved. But the application itself signals the company wants to move beyond pure crypto trading and into mainstream finance.
Who already has one
The OCC has already approved similar charters for Coinbase, Ripple Labs, BitGo, Circle, Fidelity Digital Assets, and Paxos. Those companies have used their charters to do everything from issuing stablecoins to custodying digital assets for institutional clients.
Kraken would join that group if the OCC gives the green light. The regulator has been actively processing applications from crypto companies since at least 2020, when it first allowed national banks to hold digital asset custody services.
For Kraken users, the charter could eventually mean FDIC-insured deposits, more straightforward lending, and a clearer regulatory status. Right now the exchange operates as a money services business, not a bank. A federal charter would bring it under the same supervision as Bank of America or JPMorgan Chase.
Kraken already holds state-level licenses in many U.S. states, but a national charter would simplify compliance across state lines. It would also let the company offer services like checking accounts or credit cards tied to crypto holdings.
The OCC hasn't set a deadline for its decision on Kraken's application. The review process can take months. Meanwhile, the company will continue operating under its existing state licenses. The application lands as the OCC faces new leadership and shifting crypto policy in Washington.
