Paxos and BitPay File OCC National Trust Bank Charter Applications

Paxos Trust Company submitted an application to the OCC on December 9, 2020 for a national trust bank charter, while crypto payments firm BitPay filed its own application on December 8, 2020. Both companies sought federal charters to streamline their operations across the United States, avoiding the complexity of obtaining separate state licenses. The OCC under Comptroller Brian Brooks had been signaling openness to fintech and crypto charter applications.

No approvals were granted in December 2020; the applications entered a review period. Paxos later received conditional approval on April 27, 2021, becoming one of the first crypto-native firms to secure an OCC national trust bank charter. These filings represented a significant moment in the convergence of crypto infrastructure and traditional banking regulation, with implications for the broader BaaS and embedded finance ecosystem.