EDX Markets, an American cryptocurrency exchange supported by Citadel Securities, Virtu Financial, Fidelity Digital Assets, and Hudson River Trading, has submitted an application to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter.

Should this application be approved, EDX would gain authorization to offer custody, asset management, and principal trading services in addition to its current order-matching business.

In their submission, EDX argues that vertically integrated crypto firms—where brokerage, exchange, and custodial functions are unified within a single entity—create potential conflicts of interest and systemic risks due to reliance on a single point of failure. By separating these functions into an OCC-chartered national trust bank, customers could benefit from enhanced regulatory safeguards.

Regulatory context and competitive positioning

This application aligns with the trend among growing numbers of crypto firms pursuing trust bank charters under the current OCC leadership. Previously more restrictive, this administration has shown a more welcoming stance toward new bank formation in the digital asset sector. In December 2025, Circle Internet Group and Ripple received conditional approval for such charters.

EDX was established in 2022 with a specific focus on providing traditional finance clients—such as institutional brokers and market makers—regulated access to digital asset trading. The proposed trust charter reflects an approach of mirroring the distinct roles found in conventional equities and derivatives markets, where separate entities handle brokerages, market-making, exchanges, and custody.

According to Tony Acuña-Rohter, CEO of EDX Markets, the next phase of crypto adoption will be spearheaded by large banks. An OCC-chartered trust structure is seen as advantageous for EDX in serving this demographic.