Nubank Gets Conditional U.S. Bank Approval — Could This Open the Door to Crypto Services?
Brazilian fintech giant Nubank has just cleared an important regulatory milestone in the U.S. The Office of the Comptroller of the Currency (OCC) has conditionally approved Nubank to establish a national bank, moving it one step closer to offering full-scale banking — and potentially crypto custody — to American customers.
The approval comes 121 days after Nubank filed its application on September 30, 2025. During this period, the company met all the OCC’s requirements for capitalization, governance, and supervision, and also secured independent authorizations from the FDIC and the Federal Reserve. Regulators have given Nubank 12 months to fully capitalize the bank and 18 months to officially launch its U.S. operations.
Full Banking and Crypto Services on the Horizon
Once fully approved, Nubank would operate as a federally regulated bank under the name Nubank, N.A., offering:
Deposit accounts
Credit cards
Lending products
Custody of digital assets
This is notable because most U.S. crypto services today rely on state-by-state licenses or partnerships with existing banks. With a national charter, Nubank could combine traditional banking and crypto offerings under a single federal license, something few consumer-focused digital banks have done before.
Unlike trust charters, which restrict deposits and loans, a national bank license allows Nubank to provide a complete range of banking services alongside digital asset custody, potentially making it a pioneer in federally regulated, crypto-friendly banking.
Leadership and Global Ambitions
The U.S. operation will be led by co-founder Cristina Junqueira, who has relocated to the U.S., with former Central Bank of Brazil president Roberto Campos Neto serving as board chairman.
Founded in 2013 in São Paulo, Nubank has grown into one of the largest digital financial services providers in the world, with over 127 million customers across Brazil, Mexico, and Colombia. It’s the largest privately held bank in Brazil by customer count and has been publicly listed on the NYSE since 2021 under the ticker NU.
The fintech continues to post strong results — in Q3 2025, Nubank reported record revenue of $4.2 billion, up 39% year-over-year.
Crypto Expansion Accelerates
Nubank has steadily expanded its crypto offerings. Since 2022, the company partnered with Paxos to allow users to buy, sell, and store cryptocurrencies, and test dollar-pegged stablecoin payments linked to credit cards.
By 2025, the crypto suite had grown to include:
Dozens of supported tokens
On-chain transfers to external wallets
In-app swapping
Yield support on stablecoins
The company now boasts 6.6 million crypto users, mostly millennials and Gen Z, making digital assets an essential part of engagement in the Nubank ecosystem.
Part of a Broader Trend
Nubank’s OCC approval comes amid a growing federal push to bring digital asset activity under U.S. banking oversight. In December 2025, the regulator gave conditional approvals to crypto-native firms like Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos to operate as national trust banks for custody and fiduciary services.
Other players, including Nomura-backed Laser Digital, World Liberty Financial, and Revolut, are also exploring U.S. banking charters in early 2026, signaling that digital banking and crypto integration are becoming a mainstream focus for regulators and fintechs alike.
