Citadel-backed EDX applies for OCC trust bank charter to expand crypto services

EDX Markets, the crypto exchange backed by Citadel Securities, has applied to become a national trust bank, according to a filing made public Wednesday and first reported by Bloomberg.

If approved by the Office of the Comptroller of the Currency, the charter would let EDX add custody, asset management, and principal trading services while continuing to match customer orders.

The move lands as more crypto firms race for federal trust bank status under a more receptive US policy backdrop. Bloomberg reported in early March that Zero Hash had also applied for a national trust bank charter, while the OCC said in December that it had conditionally approved five national trust bank applications, including those from Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos.

The OCC also finalized a rule effective April 1, clarifying that national trust banks can engage in certain non-fiduciary activities, a step lawyers said could make these charters more useful for digital asset businesses.

EDX Chief Executive Officer Tony Acuña Rohter told Bloomberg that large banks will drive the next wave of crypto adoption and said an OCC charter would give the company an advantage in serving those institutions. The firm launched in 2023 with backing from Citadel Securities, Fidelity Digital Assets, and Charles Schwab, positioning itself as a non-custodial venue built around market structure preferences familiar to traditional finance.

                    **Disclosure:** This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.