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Zerohash Refiles After OCC Returns Bank Charter Application
19 Aug
Summary
- OCC returned Zerohash's national trust bank charter application.
- Zerohash calls the return an administrative process for refiling.
- Wise's charter application was denied due to unfamiliarity with laws.
The Office of the Comptroller of the Currency (OCC) has returned Zerohash's application for a national trust bank charter. The OCC indicated applications may be returned if they lack sufficient information, including biographical details, corporate background, or operational definitions for products and services.
Zerohash described the return as an administrative process enabling them to refile this month. The company emphasized this was coordinated with the OCC and does not reflect a judgment on the application's merits. Zerohash currently operates under existing regulatory approvals and holds licenses in 47 states.
The cryptocurrency infrastructure provider, which partners with Morgan Stanley, had initially applied for the charter in March to cover a wide range of digital asset and fiduciary services. Zerohash has now opted for a phased approach to service authorization.
This action by the OCC is notable, especially following the denial of U.K. fintech Wise's charter application last month. The OCC cited Wise's organizers' insufficient familiarity with federal banking laws and regulations, alongside state regulators' anti-money laundering concerns.
