EDX Markets Says 'Trust Us, We're Basically a Bank Now': Citadel-Backed Exchange Files for OCC Trust Charter

EDX Markets, the crypto exchange blessed by the holy trinity of Citadel Securities, Fidelity and Charles Schwab, has gone full boomer. The firm officially applied to the Office of the Comptroller of the Currency for a national trust bank charter—because nothing says "we're serious about this" quite like asking the government for permission to hold people's money.

If approved, this shiny new charter would let EDX offer custody, asset management and principal trading through a regulated trust entity. That's right, they're building a walled garden structurally separated from their core trading platform—basically a chastity belt for institutional money, ensuring those sweet regulated dollars stay safe from the chaos of the actual exchange.

The exchange dropped its filing to the OCC on Wednesday, per documents reviewed by CoinDesk. This milestone arrives approximately three and a half years after the firm launched—because nothing says "move fast and break things" like waiting half a decade to ask your mom (the government) for allowance.

EDX Markets has its sights set on traditional finance firms dipping their toes into digital assets. The platform went live in the summer of 2023 with four cryptocurrencies: bitcoin (BTC), ether (ETH), litecoin (LTC) and bitcoin cash (BHC)—a solid starter pack for any boomer wondering what the kids are into these days. They've since expanded to include 17 additional tokens, because apparently four wasn't enough to seem legit.

"EDX Trust is a key step in bringing