World Liberty Gets Preliminary OCC Nod for Bank Charter

1 month ago 19

Key Takeaways

The proposed trust company plans to take over USD1 issuance, redemption and reserve management from BitGo.
It would not accept insured deposits or handle WLFI tokens.
The organizers need at least $20 million in tier 1 capital and must open the bank within 18 months.

On August 14, the Office of the Comptroller of the Currency gave preliminary conditional approval to establish World Liberty Trust Company, National Association, in Bay Harbor Islands, Florida.

The OCC letter makes the current status clear by stating:

The OCC has granted preliminary conditional approval only.

The organizers can now form the legal entity and prepare it for operation. Banking activities cannot begin until the company meets the preopening requirements, passes an OCC examination and receives final approval.