Wise’s trust bank license application rejected by the OCC, to reapply under the GENIUS Act
Cross-border payments provider Wise’s plan to obtain a U.S. national trust bank license hit a setback. According to a PYMNTS report, the U.S. Office of the Comptroller of the Currency (OCC) recently denied Wise’s application. Wise later said it would resubmit the application under the framework of the GENIUS Act stablecoin regulations. After the news broke, Wise’s shares briefly fell by as much as 11%.
The OCC cited concerns about anti-money laundering compliance. In its decision, the OCC said Wise’s application involved “significant supervisory and compliance concerns,” and that the management it proposed and its board of directors “have long failed to effectively manage” risks related to money laundering and the financing of terrorism. These compliance issues, described as “longstanding,” were cited as the key reasons for the denial.
Wise first submitted its application in June 2025, seeking to become a national trust bank. If approved, Wise would be able to connect directly to the U.S. payments infrastructure without relying on a patchwork of licenses issued state by state.
Reapplying under the GENIUS Act framework, Wise said it will resubmit its application in accordance with the framework of the GENIUS Act. This federal stablecoin regulatory law was signed by U.S. President Trump. The signing date was only a few days earlier than Wise’s first submission last year.
For comparison, stablecoin issuer Circle obtained an OCC trust bank license in July, enabling USDC to move toward federal-level custody. With both Circle and Wise approaching the OCC for trust bank licenses, Circle’s approval and Wise’s rejection create a stark contrast.
This article, Wise’s trust bank license application rejected by the OCC, to reapply under the GENIUS Act, first appeared on .
Cross-border payments provider Wise’s plan to obtain a U.S. national trust bank license hit a setback. According to a PYMNTS report, the U.S. Office of the Comptroller of the Currency (OCC) recently denied Wise’s application. Wise later said it would resubmit the application under the framework of the GENIUS Act stablecoin regulations. After the news broke, Wise’s shares briefly fell by as much as 11%.
The OCC cited concerns about anti-money laundering compliance. In its decision, the OCC said Wise’s application involved “significant supervisory and compliance concerns,” and that the management it proposed and its board of directors “have long failed to effectively manage” risks related to money laundering and the financing of terrorism. These compliance issues, described as “longstanding,” were cited as the key reasons for the denial.
Wise first submitted its application in June 2025, seeking to become a national trust bank. If approved, Wise would be able to connect directly to the U.S. payments infrastructure without relying on a patchwork of licenses issued state by state.
Reapplying under the GENIUS Act framework, Wise said it will resubmit its application in accordance with the framework of the GENIUS Act. This federal stablecoin regulatory law was signed by U.S. President Trump. The signing date was only a few days earlier than Wise’s first submission last year.
For comparison, stablecoin issuer Circle obtained an OCC trust bank license in July, enabling USDC to move toward federal-level custody. With both Circle and Wise approaching the OCC for trust bank licenses, Circle’s approval and Wise’s rejection create a stark contrast.
This article, Wise’s trust bank license application rejected by the OCC, to reapply under the GENIUS Act, first appeared on .