A major regulatory breakthrough

Nubank has taken a significant step toward expanding its footprint into the U.S. financial system. The company announced it has received conditional approval from U.S. regulators to provide a broad range of financial services, including digital asset custody.

The approval allows Nubank to move forward with plans to offer deposit accounts, credit cards, lending products, and crypto custody under a regulated U.S. framework.

For a foreign digital bank, this represents a rare and meaningful regulatory win.

Why the approval matters

The conditional approval was granted by the Office of the Comptroller of the Currency, one of the most influential banking regulators in the United States.

Crypto custody has been a sensitive topic for U.S. regulators. Many institutions have struggled to obtain permission to hold digital assets on behalf of customers due to concerns around risk management, compliance, and consumer protection.

By securing this approval, Nubank positions itself among a small group of institutions allowed to combine traditional banking services with regulated crypto custody.

From Latin America to the U.S. financial system

Nubank has grown rapidly by offering digital-first banking services across Latin America. It now serves tens of millions of customers and is widely considered the region’s largest digital bank.

Its expansion into the United States signals ambition beyond emerging markets. Rather than launching crypto services through loosely regulated entities, Nubank is pursuing a fully compliant path within the U.S. banking system.

That approach aligns with how regulators increasingly expect crypto-related services to be delivered.

What conditional approval actually means

The approval is not final. Nubank must still meet specific regulatory conditions before launching services at scale.

These typically include:

• strengthening internal risk and compliance frameworks
• meeting capital and liquidity requirements
• demonstrating secure custody and operational controls
• ongoing supervisory oversight

Conditional approval, however, is often the hardest step. It signals that regulators are open to the business model if standards are met.

Why crypto custody is central to the strategy

Crypto custody is becoming a core battleground in financial services. Institutions want to offer digital assets alongside traditional products, but regulators want assurance that customer funds are protected.

By integrating custody with deposit accounts and lending, Nubank aims to offer a unified financial experience. Customers would not need to move assets between platforms or rely on offshore providers.

This model mirrors how crypto is slowly being absorbed into mainstream banking rather than existing as a parallel system.

A broader signal for the crypto industry

Nubank’s progress suggests that regulatory doors are not closed, but they are selective.

Crypto companies that approach regulators early, prioritize compliance, and embed digital assets into familiar banking frameworks appear to have better chances of success.

For the broader industry, this approval reinforces a clear message. Crypto adoption in the U.S. will favor institutions willing to operate under full regulatory supervision.