Coinbase Receives Federal Approval for Crypto Custody

Coinbase has received final authorization to operate its new custody firm under a federal charter. The Office of the Comptroller of the Currency established November 9 as the entity's official opening date.

This new structure allows the exchange to offer cryptocurrency custody services under federal fiduciary oversight. The company met all preliminary requirements demanded by the regulator to begin its formal activities in the market.

The agreement approved by the regulator provides for the gradual transfer of accounts from the current New York custody firm to the new national unit. The process of migrating assets and responsibilities is expected to occur in a structured manner over the coming years.

This change subjects the company's custody services to strict standards of conduct and fiduciary duties. The measure consolidates the operation under a single and consistent regulatory framework across the United States.

Federal oversight increases legal security for institutional investors and may reduce the systemic risk associated with digital asset custody in the global ecosystem.