U.S. Regulator Says No to Wise's Bid to Become a Bank

The OCC denied Wise's application to become a U.S. trust bank on July 24, 2026. That blocks the London-based payments company from settling dollar transfers directly through the Federal Reserve. Wise, serving 19 million customers with over $240 billion processed, disclosed the denial via SEC Form 6-K. Partner banks keep its U.S. operations running. Wise told the OCC it plans to reapply under the GENIUS Act framework.