Gate News, April 2, a certain CEX received a conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust institution. The exchange said that after obtaining the license, it will not convert into a commercial bank, will not accept retail deposits, and will not implement a fractional-reserve system. By going through federal regulation via the U.S. Office of the Comptroller of the Currency (OCC), it will bring consistency and uniformity to its custody business, and lay the foundation for new products including payment and related services, better serving institutions and individuals. The exchange said the company will continue to operate under the oversight of the New York State Department of Financial Services (NYDFS), and the BitLicense and state trust charter of NYDFS will not expire.
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