Coinbase Custody to Receive Trust Charter

The new organization will provide services for the qualified storage of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic and XRP
24 October 2018   1466

Coinbase, the leading US crypto exchange, received approval from the New York Department of Financial Services (NYDFS) to establish the Coinbase Custody Trust Company LLC custodial unit. The new organization will provide services for the qualified storage of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic and XRP.

Inclusion of XRP tokens in this list is noteworthy: rumors about their likely addition to Coinbase have been around for quite a long time, but officially neither the exchange nor the wallet support them.

Coinbase Chief Operating Officer and President Asiff Hirji spoke positively about the decision and called the NYDFS "a supporter of the responsible growth of the cryptocurrency industry."

Coinbase is awaiting regulatory approvals of several more new services. So, in June, the exchange announced its intention to obtain a broker's license, a license for alternative trading systems, as well as a license to provide financial advisor services.

Earlier, NYDFS was approved by BitGo and the Prime Trust for providing qualified cryptocurrency storage services.

US OCC to Hire Coinbase's Chief Legal Officer

Brian Brooks will be the Office of the Comptroller of the Currency COO and  Senior Deputy Comptroller since 1st of April
17 March 2020   432

The U.S. Office of the Comptroller of the Currency (OCC) has recruited Coinbase's cryptocurrency exchange legal director, Brian Brooks, as its chief operating officer and first deputy head of department.

Brooks will take office on April 1st. He has been in charge of Coinbase's legal affairs since September 2018. At Brooks' new location, they announced that he would leave Coinbase and replace current COO Morris Morgan. Brooks is also a member of the board of directors of the mortgage company Fannie Mae, but will leave this post with a new appointment.

He is a visionary thinker with a passion for service and a deep understanding of how the financial services industry supports our nation's prosperity. We are fortunate to attract such an experienced and talented individual to join our federal agency.

 

Joseph Otting

Current Comptroller of the Currency

The Office of the Comptroller of the Currency is part of the US Department of the Treasury and supervises national banks. The agency has been operating since 1863 and is taking measures against banks, the practices of which it considers to be excessively risky.