Coinbase says it has no plans to become a bank after OCC approval

Coinbase has clarified that it has no plans to become a bank, despite receiving conditional approval to establish a trust company in the U.S. In an official blog post, the company stated that it received the approval from the Office of the Comptroller of the Currency (OCC) but is not seeking to become a commercial bank. Coinbase added that it does not plan to accept deposits from individuals like a traditional bank or introduce a fractional reserve system, explaining that the move is intended to improve its services. The company noted that the approval will provide greater uniformity in federal regulation for custodying various client assets and emphasized that it will enable business expansion into the payments sector.