EDX Markets Seeks Bank Charter to Reshape Crypto Custody and Settlement

- EDX Markets, backed by financial giants, seeks bank charter for new EDX Trust. - Move aims to separate crypto trading from custody and settlement, boosting transparency. On April 1, 2026, EDX Markets applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter to expand its regulated crypto services. The proposed entity, EDX Trust, would operate as a federally regulated, non-depository national bank based in Chicago. This move strategically mitigates structural risks and conflicts of interest common in the cryptocurrency sector, where many companies house trading, custody, and settlement services within a single entity. If approved, EDX Trust will independently manage fiduciary assets, cryptocurrency custody, and trade settlements for institutional clients, while trading operations will remain with EDX Markets. By separating these core functions, the company aims to enhance transparency and safeguard users. EDX Markets, which launched in 2022 with support from prominent financial institutions including Citadel Securities, Fidelity Digital Assets, Virtu Financial, and Charles Schwab, is demonstrating its commitment to expanding its regulated offerings with this application. A national trust bank charter would allow the company to operate within a unified federal framework and deliver consistent service across the U.S. This development follows a growing trend of cryptocurrency and fintech companies pursuing OCC charters to achieve greater regulatory compliance and nationwide scalability. Companies like Ripple and Circle have made similar moves, receiving conditional approvals in recent years. An approval for EDX Trust would further accelerate the crypto sector’s evolution toward institutional adoption under federal oversight, emphasizing the industry’s shift to greater accountability and risk management.