Wise said the Office of the Comptroller of the Currency has denied its application for a US national trust bank charter, dealing a setback to the payments company’s expansion plans in the country. The decision was followed by an 11% drop in Wise shares in less than 24 hours, according to the company’s disclosed market reaction.

Why the OCC rejected the application

According to the source report, the OCC turned down the application on July 23, pointing to anti-money-laundering weaknesses. The regulator also cited a 2025 Multi-State Consent Order and said Wise lacked sufficient fiduciary experience for the proposed trust bank structure.

The filing had been an important part of Wise’s US strategy. The London-headquartered fintech recently shifted its primary listing to New York after making its Nasdaq debut in May, underscoring a broader push to deepen its presence in the US market.

Wise’s response and next steps

Wise said it has already made changes to address the issues raised. The company said it overhauled its controls, strengthened its local US program, improved investigation and reporting processes, enhanced data integrity, and added resources to its local compliance function.

It also said it has been working with the UK Financial Conduct Authority and the National Bank of Belgium on those controls. Even after the OCC denial, Wise said it will continue operating in the US under money transmitter licenses rather than a national trust bank charter.

The company currently operates under money transmitter licenses in 48 states and four territories, and said it holds more than 80 licenses worldwide.

Plan to refile under the GENIUS Act

Wise said it intends to submit a new application under the GENIUS Act. It argued that the route it previously pursued, which involved a master-account-at-the-Federal-Reserve approach, is no longer viable.

The source article did not say when a new filing might be made, and the eventual outcome of any renewed application remains uncertain.

Business scale and market impact

The charter setback comes as Wise remains a large cross-border payments business. In fiscal 2026, the company served about 19 million customers and processed more than $240 billion in cross-border transfers, according to the source report.

For the year ending in March, Wise reported nearly $500 million in earnings on $2.5 billion in revenue. The US accounted for around 15% of total revenue, highlighting why access and regulatory structure in that market matter to the company’s growth plans.

The OCC decision also stands out against the agency’s record with other applicants. The source article said the regulator has previously approved national trust charters for Ripple, BitGo, Paxos, Circle and Fidelity Digital Assets, and later cleared Nomura’s Laser Digital. It also said more than 15 digital-asset firms have applied for OCC charters since 2025.

That comparison does not change the specific reasons cited in Wise’s case, but it places the denial in a wider competitive and regulatory context as payments and digital-asset firms continue to seek federal trust structures in the US.

Source: Cryptopolitan