What Happened
In a significant development, Revolut, a UK-headquartered neobank, and zerohash, a digital asset infrastructure company, have applied for national banking charters in the US. Revolut, which offers crypto trading services, has filed for a national bank charter with the US Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). Zerohash, which specializes in settlement services for digital assets and stablecoins, has applied for a national trust bank charter with the OCC.
Why It Matters
These moves come as the crypto industry faces increasing scrutiny from regulators and law enforcement agencies. The US government has been cracking down on sanctions evasion and crypto theft, with recent cases involving millions of dollars in stolen cryptocurrency. The son of a US government contractor, John "Lick" Daghita, was arrested in France for allegedly stealing tens of millions of dollars in cryptocurrency from government-seized wallets managed by his father's company.
Sanctions Evasion on the Rise
According to a report by Chainalysis, sanctions evasion using crypto increased by 700% in 2025, with Russia, Iran, and North Korea expanding their use of stablecoins, hacked funds, and state-linked exchanges to move over $100 billion on-chain. Stablecoins accounted for roughly 84% of illicit crypto transaction volume, with the ruble-pegged stablecoin A7A5 processing over $93 billion in transactions.
Key Numbers
- **700%: The increase in sanctions evasion using crypto in 2025, according to Chainalysis.
What Experts Say
"The use of crypto for sanctions evasion is a growing concern, and it's essential for regulators and law enforcement agencies to stay ahead of these threats." — Chainalysis spokesperson
Key Facts
Key Facts
- Who: Revolut and zerohash
- What: Applied for national banking charters in the US
- Impact: Increased regulatory scrutiny and potential expansion of crypto services in the US
What Comes Next
As the crypto industry continues to evolve, it's likely that we'll see more firms seeking to establish themselves as federally regulated banks in the US. However, this will require them to navigate a complex regulatory landscape and address concerns around sanctions evasion and security threats.
What Happened
In a significant development, Revolut, a UK-headquartered neobank, and zerohash, a digital asset infrastructure company, have applied for national banking charters in the US. Revolut, which offers crypto trading services, has filed for a national bank charter with the US Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). Zerohash, which specializes in settlement services for digital assets and stablecoins, has applied for a national trust bank charter with the OCC.
Why It Matters
These moves come as the crypto industry faces increasing scrutiny from regulators and law enforcement agencies. The US government has been cracking down on sanctions evasion and crypto theft, with recent cases involving millions of dollars in stolen cryptocurrency. The son of a US government contractor, John "Lick" Daghita, was arrested in France for allegedly stealing tens of millions of dollars in cryptocurrency from government-seized wallets managed by his father's company.
Sanctions Evasion on the Rise
According to a report by Chainalysis, sanctions evasion using crypto increased by 700% in 2025, with Russia, Iran, and North Korea expanding their use of stablecoins, hacked funds, and state-linked exchanges to move over $100 billion on-chain. Stablecoins accounted for roughly 84% of illicit crypto transaction volume, with the ruble-pegged stablecoin A7A5 processing over $93 billion in transactions.
Key Numbers
- **700%: The increase in sanctions evasion using crypto in 2025, according to Chainalysis.
What Experts Say
"The use of crypto for sanctions evasion is a growing concern, and it's essential for regulators and law enforcement agencies to stay ahead of these threats." — Chainalysis spokesperson
Key Facts
Key Facts
- Who: Revolut and zerohash
- What: Applied for national banking charters in the US
- Impact: Increased regulatory scrutiny and potential expansion of crypto services in the US
What Comes Next
As the crypto industry continues to evolve, it's likely that we'll see more firms seeking to establish themselves as federally regulated banks in the US. However, this will require them to navigate a complex regulatory landscape and address concerns around sanctions evasion and security threats.