A cryptocurrency firm 38 per cent owned by an entity linked to Donald Trump and members of his family has secured preliminary approval from the Trump administration to set up a federally chartered bank.
The Office of the Comptroller of the Currency (OCC), the Treasury agency that oversees national bank charters, granted conditional approval on 14 August for World Liberty Trust Company to establish itself as a national trust bank, subject to capital, operational and regulatory requirements that must be met before the charter becomes final.
