The Office of the Comptroller of the Currency refused Wise’s application to establish a US national trust bank, citing serious concerns about money laundering and compliance. This marks a rare public refusal in a period when the OCC has largely approved charters for crypto and fintech firms.

Concerns and Context

Wise, the payments company, applied in June 2025 for a nondepository trust bank charter that would have allowed direct access to Federal Reserve payment systems. However, the OCC’s decision flagged "significant supervisory and compliance concerns," emphasizing that Wise’s leadership showed a "persistent inability" to manage risks related to money laundering and terrorist financing. The company moved its primary stock listing to Nasdaq in May but saw shares plunge as much as 10% following the news.

In July, state regulators issued a multi-state consent order against Wise for compliance failures, an event acknowledged by the company. also Belgian authorities are investigating Wise over about $500 million in suspicious transactions. Bank lobby groups also opposed the charter, filing formal objections in October.

Wise said it intends to reapply under the GENIUS Act framework, maintaining a cooperative stance with regulators. Meanwhile, its US operations continue under money transmitter licenses across 48 states and four territories. The company noted that access to the Federal Reserve master account, key for its original plan, has been effectively paused for uninsured trust banks, making the initial approach unworkable.

The denial contrasts with the OCC's recent approvals of crypto-related trust bank charters to firms like Circle, Ripple, and Coinbase. Over a dozen other applications remain pending at the OCC, but Wise’s name no longer appears on the list.

Wise handles cross-border payments exceeding $240 billion and serves around 19 million customers as of fiscal 2026. The company believes its payment infrastructure is well positioned to support interoperability amid stablecoin adoption.

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