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Fortune

Leo Schwartz

Crypto bank Protego didn't meet all requirements for national trust charter, OCC says

OCC United States Crypto Fortune Paxos Custodia

(Credit: Graeme Sloan—Sipa USA/Reuters)

In February 2021, the Office of the Comptroller of the Currency—a U.S. Treasury bureau tasked with overseeing federal banking—granted conditional approval for the application of Washington-based Protego Trust Company to convert into a national trust bank.

After the OCC extended its conditional approval once, until Feb. 4, 2023, a spokesperson told Fortune on Friday that Protego didn't meet its pre-conversion requirements, meaning its conditional approval expired.

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