SKN | NU Latin America’s Largest Digital Bank Wins Key Approval to Offer Crypto Custody in the U.S.

Nu, Latin America’s largest digital bank by customers, has received conditional approval from the Office of the Comptroller of the Currency to establish a banking presence in the United States — a move that could soon allow it to provide regulated crypto custody services alongside traditional banking products.

The São Paulo–based institution, which serves roughly 127 million customers across Latin America, said the approval marks a major milestone in its international expansion and positions it to operate under the U.S. federal banking framework.

Path Toward Crypto Custody and Full-Service Banking

Once fully authorized, Nubank plans to offer deposit accounts, credit cards, lending products and digital asset custody in the U.S. market. Operating under federal oversight would allow the bank to integrate crypto services directly into a regulated banking structure rather than offering them through offshore or lightly regulated entities.

The bank said it has already begun establishing operational hubs in Miami, the San Francisco Bay Area, Northern Virginia and North Carolina’s Research Triangle, signaling a long-term commitment to building U.S.-based infrastructure.

Regulatory Hurdles Still Remain

The OCC’s approval is conditional, meaning Nubank must still satisfy several regulatory requirements before launching operations. These include obtaining final approvals from the Federal Deposit Insurance Corporation and the Federal Reserve.

Under the conditions set by regulators, Nubank must fully capitalize its U.S. banking entity within 12 months and open the institution within 18 months. Only after meeting these requirements will the bank be permitted to begin offering services, including crypto custody.

A Shift in U.S. Crypto Banking Tone

The approval comes as U.S. regulators increasingly acknowledge concerns around crypto debanking and signal a shift away from enforcement-only approaches toward clearer supervisory frameworks. Federal agencies have recently emphasized that regulated access to digital asset services may be preferable to pushing crypto activity outside the banking system.

Nubank’s progress highlights how federally supervised institutions may soon play a larger role in providing crypto services under mainstream banking rules.

Why the Move Matters

For Nubank, the U.S. approval represents a strategic leap beyond Latin America and positions the bank as a global digital finance player with regulated crypto capabilities. For the crypto industry, it reinforces a broader trend: digital asset custody is increasingly being absorbed into traditional banking infrastructure rather than existing at its edges.

If Nubank clears the remaining regulatory steps, it could emerge as one of the most prominent consumer-facing digital banks offering crypto custody under full U.S. federal oversight — another signal that crypto is becoming structurally embedded in global finance.