Brazil’s Nubank Wins OCC Conditional Approval for U.S. National Bank – Crypto Custody Soon?
Nubank has secured conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national bank, marking a pivotal step toward offering regulated crypto custody services in the U.S. The approval, granted 121 days after Nubank's September 2025 application, allows the company to proceed with bank organization.
The fintech giant met the OCC's capitalization, governance, and supervisory requirements, while also securing independent authorizations from the FDIC and Federal Reserve. Nubank now has 12 months to fully capitalize the institution and 18 months to launch operations.
Upon final approval, Nubank, N.A. will operate as a federally regulated bank, offering deposit accounts, credit products, and digital asset custody—a rare federal-level entry into crypto services amidst the current patchwork of state licenses and bank partnerships.
