Revolut and OpenReserve Win OCC Green Light to Launch US Banking with Full Crypto Integration

Revolut and OpenReserve just cleared a major regulatory hurdle. The Office of the Comptroller of the Currency (OCC) granted preliminary approval to both fintech firms to establish US national banks, opening the door for crypto and stablecoin operations on American soil.

What This Means for Crypto Banking

This is significant. We're watching two major players secure the foundational charter needed to operate legitimate banking institutions in the United States. For Revolut—already a heavyweight in European fintech—this represents a critical expansion into the world's largest crypto market. OpenReserve gets the same regulatory validation.

Both companies explicitly flagged cryptocurrency and stablecoin services in their charter applications. This isn't a side project for either outfit. They're building from the ground up as actual banks, not hobbyists adding crypto as an afterthought.

The Regulatory Context

OCC preliminary approval is step one of a multi-stage process, but it's the hard part. Getting past initial scrutiny means regulators viewed their business models, compliance frameworks, and capital requirements as legitimate and sound. That's crypto credentials being taken seriously at the federal level.

For context: the OCC has been cautiously open to crypto-forward banking infrastructure since 2020. But preliminary approval doesn't guarantee final approval—there's still capital verification, operational review, and ongoing compliance checks ahead. Still, both Revolut and OpenReserve cleared the filter where many applicants wash out.

Why Now?

The timing matters. After the 2023 banking crisis and subsequent regulatory tightening, fintech companies pursuing traditional banking licenses now face heightened scrutiny. That Revolut and OpenReserve pushed through suggests their proposals met today's elevated compliance standards. The crypto industry's regulatory maturation is paying dividends here.

What's Next

Both companies now move into the next phase: building out actual banking operations, establishing deposit infrastructure, and finalizing their crypto and stablecoin offerings within the framework of being federally-chartered banks. This isn't theoretical anymore—they're building real banking rails with crypto embedded from day one.

For traders and portfolio managers, this matters. Institutional-grade custodial and banking services for crypto assets remain scarce in the US. When these operations go live, it could unlock institutional participation that's currently stuck on the sidelines due to custody and counterparty concerns.

The preliminary approval also signals that the OCC is comfortable with banks offering crypto services—a regulatory green light that could embolden other applicants in the pipeline.