BitGo Receives Regulatory Approval to Transform into a Banking Institution

cryptocurrency custodian BitGo announced on Friday that it has received conditional approval from the U.S. Office of the Comptroller of the Currency to transform into a banking institution. It is reported that once final approval is obtained, BitGo will convert its trust company registered in South Dakota into a federally chartered national trust bank, capable of custodial services for digital assets and certain non-deposit financial assets, and provide regulated cryptocurrency-related services without needing state-by-state approval. The company stated that it expects to receive final approval soon.