Nubank Wins Conditional Approval to Offer Crypto Custody in U.S.

Brazil-based Nubank, operating under Nu Holdings, has secured conditional approval from the Office of the Comptroller of the Currency to establish a national bank in the United States.

The approval marks a rare and significant milestone for a non-U.S. fintech, opening the door for Nubank to operate under a single federal banking charter rather than navigating a fragmented, state-by-state licensing regime.

The newly approved entity, Nubank, N.A., would be authorized to provide a broad range of financial services. These include traditional deposit accounts and lending products, credit cards, and digital asset custody, placing Nubank directly in competition with established U.S. banks and digital-first challengers.

A Federal Charter With Nationwide Reach

The OCC charter gives Nubank a unified regulatory framework across all 50 states, a privilege typically reserved for long-established domestic banks. For a foreign-founded digital bank, this represents a powerful strategic advantage, dramatically reducing compliance complexity and operational friction.

This structure allows Nubank to scale its low-cost, mobile-first model in the U.S. without duplicating regulatory processes at the state level. It also positions the company to integrate digital asset services within a federally supervised environment, a move that aligns with a broader shift toward clearer and more business-friendly crypto regulation in the United States.

Leadership Signals Institutional Credibility

Nubank has paired the regulatory win with a high-profile leadership lineup. Co-founder Cristina Junqueira has relocated to the United States and will serve as CEO of the new national bank, underscoring the strategic importance of the expansion.

Meanwhile, Roberto Campos Neto, the former president of Brazil’s central bank, will take on the role of Chairman of the Board. His involvement adds institutional credibility and deep regulatory experience, likely easing engagement with U.S. supervisors and policymakers.

Conditions, Timeline, and Remaining Approvals

The approval places Nubank into a formal “bank organization phase,” during which several conditions must be met. The institution must be fully capitalized within 12 months and officially launch operations within 18 months. In addition, final approvals are still required from the Federal Deposit Insurance Corporation and the Federal Reserve before the bank can begin operating.

If these steps are completed on schedule, Nubank would become one of the most prominent foreign fintechs to secure a full U.S. national banking charter. The move highlights growing confidence that the U.S. regulatory environment is becoming more accommodating to digital-first banks and regulated digital asset services, setting the stage for intensified competition in American consumer banking.

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