Crypto● Neutral
Wise shares drop 11% on OCC charter denial; plans new bid under GENIUS Act
Wise shares fell 11% after OCC denied its trust bank charter over AML concerns. The fintech will resubmit under the GENIUS Act stablecoin law.
Continue with
Wise Group shares fell 11% on July 23 after the Office of the Comptroller of the Currency denied its application for a national trust bank charter. The London-listed fintech said it would resubmit under the GENIUS Act, the federal stablecoin law signed a year earlier.
Wise first filed for the charter in June 2025. A national trust bank charter would have given Wise direct access to US payment rails without relying on state-by-state licenses. The OCC's denial cited compliance concerns tied to a multi-state consent order on anti-money laundering protocols that surfaced in July 2025.
The consent order is a legally binding agreement requiring specific, verifiable improvements to Wise's compliance programs. Wise processed more than $240 billion in cross-border payment volume in its fiscal year 2026 and serves about 19 million customers. It reported over $3 billion in customer savings during the same period.