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Crypto Unicorn Circle Aims to Expand Into Regulated Banking

  • Crypto venue says it met with OCC to explore banking functions
  • Venture is still at least months away from seeking a charter
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Photographer: Jason Alden/Bloomberg
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Circle Internet Financial Ltd., one of the world’s most valuable cryptocurrency platforms, is looking to make a big leap into the highly regulated realm of U.S. banks and brokerages.

The venture, partly backed by Goldman Sachs Group Inc., plans to seek a federal banking license to provide more services to customers. It also intends to pursue registration as a brokerage and trading venue with the Securities and Exchange Commission, so it can help investors buy and sell tokens deemed to be securities.