- Nubank wins conditional U.S. approval to expand banking and crypto custody services.
- Crypto moves closer to mainstream U.S. banking under federal regulation.
Nubank, Latin America’s biggest digital bank, has received conditional approval from the U.S. regulators to operate in the United States, which allows the company to offer crypto custody and traditional banking services under the federal framework. The Brazil-based bank has announced that the Office of the Comptroller of the Currency (OCC) has granted permission for Nubank to open in the U.S.
Once the final approval is done, the bank is set to operate in the U.S. under the federal banking framework. Nubank offers a deposit account, credit cards, loans, lending services, and digital asset custody.
Nubank should still meet the conditions after getting approval
If Nubank gets approval, it cannot start the operations immediately; instead, it must satisfy all the regulatory conditions set by the OCC and obtain approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. It should fully fund the U.S. bank within 12 months and officially open the bank within 18 months. Only after completing all these steps can the bank begin its operation in the U.S.
Nubank already has 127 million customers in Brazil and other parts of Latin America. If it gets into the U.S. will fully approval, then it will become one of the first major foreign digital banks to offer crypto custody under U.S. federal banking rules. The Nubank has already started building teams and offices in several major U.S. regions, including Miami, the San Francisco Bay Area, and Northern Virginia.
If it’s fully approved, then Nubank will join a growing group of institutions offering crypto services under the U.S. banking rules. This shows that crypto is slowly becoming a part of the regular banking system in the U.S.
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