Nubank Secures Preliminary Approval to Offer Crypto Custody in the U.S.

Nubank, Latin America’s largest digital bank, has received conditional approval from a key U.S. regulator. The will allow the bank known formally as Nu to expand its presence it the country and offer crypto-related services.

This development could allow it to provide crypto custody and other core traditional banking services under clear federal rules.

Nubank Gets Approval to Open a U.S. Branch

In a recent blog post, Nubank announced that the U.S. Office of the Comptroller of the Currency (OCC) has given it a go ahead to open a branch in the country. Notably, the OCC was able to give this approval because it is the primary regulator for national banks and federal savings associations.

The São Paulo-headquartered bank, which serves about 127 million customers will be allowed to operate under a strong federal banking framework, once it receives full approval. 

This framework would allow the bank to offer savings services, deposit accounts, credit cards, and loans. It would also allow the bank to safely hold digital assets, including its crypto coin Nucoin, for customers.

Nubank Builds U.S. Hubs and Awaits Final Approval

As part of its growth plans, the Brazilian fintech giant has already started setting up offices in several major cities in the United States. These include Miami, the San Francisco Bay Area, Northern Virginia, and the North Carolina Research Triangle. 

These locations are well-known to support technology, finance, and innovation. They will help Nubank support its banking operations, meet regulatory requirements, and build teams focused on product development and customer service.

It is worth noting that Nubank still has important steps to complete before it can fully operate in the U.S. The bank must meet all conditions set by the OCC. It must also receive approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.

During this approval period, U.S. rules require Nubank to fully fund the new bank within 12 months. It must also open the bank within 18 months. These steps are designed to ensure the bank is financially strong and ready to operate safely.

A Shift in U.S. Crypto Banking Policy

Nubank’s approval comes at a time when U.S. regulators are adjusting their approach to crypto-related banking services. The OCC has said that “debanking” of crypto firms is a real problem. It has also supported wider access to banking services for digital asset companies.

This change shows a move away from strict enforcement toward closer oversight. Nubank’s progress suggests that regulated banks may soon be able to offer crypto services as part of everyday banking.

If fully approved, it would set a standard for how regulated banks can safely offer digital asset services alongside traditional banking. This comes as global banks’ interest in digital assets continues to grow.