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Citadel-Backed EDX Markets Seeks US Trust Bank Charter
EDX Markets files for national trust bank charter, signaling Wall Street's growing embrace of crypto
Apr. 1, 2026 at 5:25pm
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EDX Markets, the crypto exchange backed by Citadel Securities and Fidelity, has applied for a national trust bank charter with the Office of the Comptroller of the Currency (OCC). If approved, the move would place EDX's custody, asset management, and trading operations under direct federal banking supervision, mirroring how traditional equities and derivatives markets function.
Why it matters
The application represents EDX's ambitious effort to build crypto infrastructure that separates exchange, brokerage, and custody services - a model designed to avoid the conflicts of interest that contributed to the collapse of FTX. Obtaining a trust bank charter would give EDX the regulatory framework to serve institutional investors who have cited custody risks and regulatory uncertainty as barriers to crypto adoption.
The details
EDX was founded in 2022 with the explicit mission of keeping trading separate from custody and settlement, similar to how traditional markets operate. The company's application follows the OCC's recent approvals of conditional trust bank charters for Circle Internet Group and Ripple, creating a template for crypto firms to join the established banking framework.
- EDX Markets filed the application on April 1, 2026.
- The OCC has not indicated a timeline for a decision on the EDX application.
The players
EDX Markets
A crypto exchange backed by Citadel Securities, Fidelity, Virtu Financial, and Hudson River Trading, designed to keep trading separate from custody and settlement.
Office of the Comptroller of the Currency (OCC)
The federal banking regulator that oversees national trust bank charters.
Tony Acuña-Rohter
CEO of EDX Markets, who expects large banks to lead the next phase of institutional crypto adoption.
Circle Internet Group
A crypto firm that recently received a conditional trust bank charter from the OCC.
Ripple
A crypto firm that also recently received a conditional trust bank charter from the OCC.
What they’re saying
“Combining exchange, brokerage, and custody services under one roof creates the kind of conflicts of interest that have haunted the crypto industry for years. A trust bank model would separate those functions entirely.”
— Tony Acuña-Rohter, CEO, EDX Markets
What’s next
The OCC will review EDX Markets' application and decide whether to grant the company a national trust bank charter.
The takeaway
EDX Markets' application for a trust bank charter signals Wall Street's growing embrace of crypto and the industry's efforts to build regulated infrastructure that mirrors traditional finance. This move could help address institutional investors' concerns about custody risks and regulatory uncertainty, paving the way for increased crypto adoption.
