A quiet but important shift is happening in the U.S. financial world. After years of watching from the sidelines, federally regulated banks are beginning to step directly into cryptocurrency trading — a space long led by offshore exchanges and fast-moving fintech platforms.
The biggest signal of this change comes from SoFi Bank, which has launched SoFi Crypto, making it the first nationally chartered, FDIC-insured bank to offer retail crypto trading inside its main banking app. Customers can now buy, sell, and hold Bitcoin, Ether, Solana, and other major assets, all under oversight from the Office of the Comptroller of the Currency (OCC). For a sector known for its regulatory uncertainty, this marks a major milestone.
A New Banking Perimeter for Digital Assets
The OCC first opened the door in 2020 when it issued guidance allowing national banks to handle digital-asset custody, settlement, and even trading — as long as they followed strict rules on capital, risk management, and anti-money-laundering controls.
SoFi is now pushing that guidance into new territory by pairing insured fiat accounts with direct crypto access for everyday customers. This model positions banks as real competitors to major crypto exchanges, though the regulatory burden is heavier. Banks must meet tougher liquidity, reporting, and audit requirements than offshore platforms, many of which operate under lighter money-transmitter registrations instead of full financial-sector rules.
Europe’s Head Start
While U.S. banks are only beginning to experiment with retail crypto services, Europe already has several examples in the wild. Revolut Bank enabled in-app crypto trading back in 2017 and later secured a full EU banking license. Other digital banks like N26 and Monzo offer similar services across Europe under harmonized e-money and MiCA frameworks, allowing them to expand crypto features across borders more easily than their U.S. counterparts.
Traditional Finance Joins the Crypto Buildout
The U.S. banking sector is gradually assembling more pieces of a regulated digital-asset ecosystem. Some notable moves include:
- Anchorage Digital Bank, N.A. — OCC-chartered national trust bank focused on institutional custody and staking (2021).
- Bank of New York Mellon — Launched regulated digital-asset custody and settlement under New York State supervision (2022).
- Custodia Bank — A Wyoming SPDI working to gain Federal Reserve access.
- Crypto.com Bank — Applied for an OCC trust bank charter.
- Zodia Markets (Standard Chartered) — Received approval for deliverable Bitcoin and Ether spot trading in 2025.
Banks and Exchanges Head Toward Convergence
As regulated banks step into crypto, the competitive landscape is shifting. Banks bring credibility, direct payment rails, and well-established compliance systems — advantages that might attract both cautious retail customers and large institutions.
But the future may not be a banks-versus-exchanges fight. Many crypto exchanges already depend on banks behind the scenes for custody, settlement, and fiat integration. Now that banks are moving those functions inside the federal regulatory perimeter, the line separating crypto exchange and traditional bank is becoming thinner. In the coming years, that boundary may fade entirely.
Also Read: Fed’s Stephen Miran Says Stablecoins Won’t Replace Bank Deposits
