BitGo receives regulatory approval to become a banking institution

Jinse Finance reported that cryptocurrency custody institution BitGo announced on Friday that it has received conditional approval from the US Office of the Comptroller of the Currency (OCC) to convert into a banking institution. Reportedly, once final approval is obtained, BitGo will transform its trust company registered in South Dakota into a federally chartered national trust bank, enabling it to custody digital assets and certain non-deposit financial assets, as well as provide regulated cryptocurrency-related services without the need for state-by-state approval. The company stated that it expects to receive final approval soon.