A slow but decisive shift is underway in the US financial system as federally regulated banks begin to enter the cryptocurrency market, long dominated by offshore exchanges and fintech intermediaries.
SoFi Bank’s launch of SoFi Crypto marks the first time a nationally chartered, FDIC-insured bank has been cleared to offer retail crypto trading directly to customers. The platform allows users to buy, sell and hold assets such as Bitcoin, Ether, and Solana within SoFi's core banking app, under full supervision from the Office of the Comptroller of the Currency (OCC).
Banks test digital perimeter
Under the OCC's 2020 interpretive guidance, national banks may provide custody, settlement and trading for digital assets if they comply with established standards for risk management, capital adequacy and anti-money-laundering controls. SoFi’s initiative takes this framework a step further, extending it to retail customers by combining insured fiat accounts with direct crypto exposure.
The approach could make federally supervised banks competitive with long-established crypto exchanges, though higher compliance costs and capital requirements remain a barrier. Federal oversight also subjects crypto offerings to liquidity, disclosure, and audit standards similar to those for securities and commodities, a contrast with offshore exchanges operating under lighter money-service registrations.
Global precedents
In Europe, similar integrations between banking and crypto have operated for years. UK-based Revolut Bank introduced in-app crypto trading in 2017 and secured a full EU banking license in 2021 through Lithuania’s central bank. Within the single-market framework, firms like Revolut, N26 and Monzo can offer crypto across borders under e-money and MiCA-compliant regimes.
Traditional institutions move in
A growing roster of US banks and trust institutions is now building digital-asset infrastructure.
- Anchorage Digital Bank, N.A. – OCC-chartered national trust bank for institutional custody and staking (2021).
- Bank of New York Mellon – launched regulated custody and settlement under New York State oversight (2022).
- Custodia Bank – Wyoming-chartered SPDI seeking Federal Reserve access.
- Crypto.com Bank –OCC trust bank charter application
- Standard Chartered’s Zodia Markets – approved for deliverable BTC and ETH spot trading (2025).
New competition, new convergence
As banks enter crypto trading, exchanges face a reshaped landscape. Lenders bring regulatory credibility, direct payment access and established compliance frameworks, strengths that may appeal to risk-conscious retail and institutional clients alike.
Yet the next phase may be less adversarial than complementary. Many exchanges already depend on banks for custody and settlement. With banks now extending those functions inside the federal perimeter, the divide between exchange and bank is narrowing fast, perhaps to the point of disappearance.
