Coinbase May Become a Bank: The Company Is Considering a License
Date: 2025-04-23 Author: Henry Casey Categories: BUSINESS
Coinbase has officially confirmed that it is considering the idea of applying for a federal banking license in the United States. A company representative told Cointelegraph about this, specifying that no final decision has been made yet.
Coinbase's interest in a banking license fits into a larger trend among major players in the crypto industry. According to the Wall Street Journal, companies such as stablecoin issuer Circle, cryptocurrency depository BitGo, and blockchain platform Paxos are considering similar moves.
In 2021, Paxos already received preliminary approval from the Office of the Comptroller of the Currency (OCC) to create a national trust bank. This status allows it to provide more financial services and expand into new markets, but it also entails strict compliance with reporting and regulatory requirements.
Despite the benefits, obtaining a banking license does not eliminate problems with regulatory authorities. Paxos, for example, faced an audit by the New York State Department of Financial Services and claims from the SEC. The situation shows that even with a license, crypto companies remain under close scrutiny from regulators.
Another example is Anchorage, which in January 2021 received a license from the OCC as a national digital asset bank. However, a year later, the regulator said that the company violated the terms of the agreement due to weaknesses in the compliance program. In particular, the program did not fully comply with the requirements of the Bank Secrecy Act and anti-money laundering standards.
Meanwhile, Federal Reserve Chairman Jerome Powell expressed the opinion that in the future, financial regulators may soften the approach to digital assets in the banking sector. This could potentially simplify the path for companies looking to integrate into the traditional financial system.
If Coinbase does decide to obtain a license, it will be an important step in its development - and a signal of further convergence between the world of cryptocurrencies and the traditional financial sector.
