Citadel-Backed Venue Targets Banks With TradFi Risk Management

EDX Markets, a cryptocurrency exchange backed by major financial institutions including Citadel Securities, Fidelity, and Charles Schwab, has applied for a national trust bank charter with the Office of the Comptroller of the Currency (OCC). The application, filed on April 1, 2026, seeks to bring the firm’s custody, asset management, and trading operations under direct federal banking supervision.

The move is intended to mirror the structure of traditional equities and derivatives markets by separating exchange, brokerage, and custody services. This operational model is designed to avoid the conflicts of interest that were associated with the collapse of the FTX exchange.

Strategic Shift in Infrastructure

Founded in 2022, EDX Markets launched in mid-2023 as a platform specifically for large-scale institutional investors. Until this application, the firm emphasized a non-custodial model, focusing on liquidity provision and order matching without directly holding client assets.

The proposed charter would establish EDX Trust as a federally chartered entity headquartered in Chicago. If approved, this would enable the firm to provide institutional clients with secure custody solutions, risk-managed principal trading services, and portfolio management for digital holdings.

By obtaining a national charter, EDX Trust would be able to operate uniformly across all U.S. States. This approach allows the firm to bypass the fragmented requirements of individual state licensing.

Regulatory Context and Institutional Adoption

The application follows a trend of digital asset firms seeking formal banking status. The OCC has previously granted conditional trust bank charters to Ripple and Circle Internet Group, providing a regulatory template for other cryptocurrency firms to integrate into the established banking framework.

Institutional investors have frequently identified regulatory uncertainty and custody risks as primary barriers to the adoption of cryptocurrency. A federal trust bank charter provides a regulatory framework that may alleviate these concerns regarding operational risks and security breaches.

Tony Acuña-Rohter, CEO of EDX Markets, has indicated that large banks are expected to lead the next phase of institutional adoption within the cryptocurrency space.

Operational Limitations and Backing

While a national trust bank charter expands the firm’s capabilities in custody and asset management, it does not permit the entity to engage in traditional commercial banking activities. Specifically, the charter would not allow the firm to accept deposits or issue loans.

EDX Markets is supported by a consortium of prominent Wall Street participants, including:

• Citadel Securities
• Fidelity Digital Assets
• Charles Schwab
• Virtu Financial
• Hudson River Trading

The OCC has not yet provided a specific timeline for the decision regarding the EDX application. The firm’s objective remains the creation of a crypto infrastructure that replicates the safeguards common in traditional financial markets, ensuring a clear separation between the trading of assets and the safeguarding of those assets.