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trust

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first_img Stablecoin infrastructure company Bastion received conditional approval from OCC for a national trust bank license

Stablecoin infrastructure company Bastion announced that the Office of the Comptroller of the Currency (OCC) has granted it preliminary conditional approval for a national trust bank charter. This charter allows Bastion to incorporate stablecoin issuance, custody, and exchange products under the same federal regulatory entity, adding OCC federal oversight on top of its existing state licenses. The company will operate under the name Bastion Platforms National Trust Company, providing stablecoin custody and wallets, payment infrastructure, and white-label issuance services.Bastion previously obtained a New York trust license in February 2025. Under the new charter, the company will offer custodial services for USDC and other digital assets compliant with the GENIUS Act, as well as white-label stablecoin wallet and issuance services (minting, redemption, and exchange), and continue to provide technology and operational infrastructure to other regulated issuers. Bastion itself does not issue stablecoins but primarily provides technology, operations, and compliance stacks for enterprise stablecoin projects.Bastion also appointed four new advisors: Colleen Taylor (Board, former President of American Express U.S. Merchant Services), Michael Patterson (Board, former Chief Compliance Officer of Genesis), Stuart Breslow (Advisor, former Chief Compliance Officer of Morgan Stanley), and Gabriella Fitzgerald (Advisor, former CEO of Optum Financial Medical Payments).

Bitget Chief Legal Officer's 8th Anniversary Open Letter: Making Trust Visible and Verifiable

Bitget's Chief Legal Officer Hon Ng released an open letter on the occasion of the 8th anniversary. As the platform continues to evolve towards a panoramic exchange (UEX), Bitget has further upgraded its Proof of Reserves (PoR) system, expanding the range of verifiable assets from the original 4 cryptocurrencies to 19 major assets. Data shows that as of September 2026, Bitget has consecutively released 46 PoR reports.In the letter, Hon Ng pointed out, "Growth and responsibility have never been two independent matters." As the platform's scale, asset categories, and market boundaries continue to expand, security, transparency, and compliance standards also need to be upgraded in tandem. "Making trust visible and verifiable has always been an important cornerstone of Bitget's commitment to long-termism."In terms of security systems, the account side covers 2FA, FIDO2, WebAuthn Passkeys, and anti-phishing codes, while the platform's security mechanisms integrate withdrawal protection, abnormal behavior detection, and anti-fraud systems, providing backend support for every user operation. The "Market Order and Token Responsibility Framework" launched this year further strengthens ongoing monitoring and risk management for listed assets, project parties, and market makers. Continuous optimization of mechanisms and transparency initiatives maintain a fair and orderly trading environment.In terms of compliance, Bitget has obtained corresponding registrations, licenses, or regulatory approvals in multiple jurisdictions, including Argentina, Australia, New Zealand, Switzerland, and the United Kingdom, and continues to improve its compliance systems such as KYC, KYB, AML, CFT, and sanctions list screening to adapt to the regulatory requirements of different markets and asset categories.

ZachXBT: Revolut allegedly caused the leakage of information for some high-net-worth users due to mistakenly trusting a forged government request

On-chain detective ZachXBT posted on his personal channel that Revolut allegedly leaked some users' personal identifiable information (PII) due to failing to recognize a forged government agency information request.According to his disclosure, Revolut previously received a request for customer information retrieval that appeared to come from a real government agency and was sent through the agency's official email domain. Because the email had valid domain authentication information, Revolut believed the request was legitimate and responded accordingly.The potentially involved data includes users' names, birth dates, occupations, addresses, email addresses, and phone numbers, as well as copies of passports or driver's licenses, identity verification selfies, account statements, IBANs, withdrawal records, and complete transaction histories, including Bitcoin transaction records. Revolut stated in the notification sent to users that no biometric facial telemetry data was leaked.ZachXBT indicated that the scale of the incident may currently be limited, but it appears to primarily target high-net-worth users. Several Revolut users received notifications regarding the related security incident yesterday. Revolut officials had previously reminded users to verify suspicious information through in-app customer service to avoid providing personal or financial information.

first_img Block applies to establish the National Trust Bank, Builders Bank, to custody Bitcoin and stablecoins

Jack Dorsey's payment company Block has applied to establish Builders Bank & Trust, N.A. If approved, the bank will become an uninsured national trust bank directly regulated by the Office of the Comptroller of the Currency (OCC), focusing on providing custody and trust services for Bitcoin and stablecoins, without accepting deposits or issuing loans.The application is still pending OCC approval, and the OCC's public list of digital asset license applications currently includes 11 pending applications (submitted between February 23 and August 19), which does not yet include Builders Bank. Previously, the OCC conditionally approved five national trust applications in December 2025, including Circle's First National Digital Currency Bank and Ripple, as well as conversion applications from BitGo, Fidelity Digital Assets, and Paxos; Circle received final approval in July of this year.The Bank Policy Institute (BPI), representing large banks, had previously opposed a series of limited-purpose national trust license applications, arguing that companies should not obtain trust licenses unless they plan to operate a true trust company, and warned against using the license as a lightly regulated pathway for bank-like products. Block stated that Builders Bank will not begin operations until it receives the necessary regulatory approvals.
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