Wise Group PLC (WSE) saw its shares fall more than 10% after U.S. regulators rejected its application for a national trust bank charter.
The Office of the Comptroller of the Currency denied the application from Wise US Inc., citing concerns over compliance and anti-money laundering standards.
The OCC also pointed to historical issues that Wise has been working to address as part of its regulatory relationship with U.S. authorities.
Despite the rejection, Wise said its normal operations remain unaffected, as it continues to hold money transmitter licenses across 48 states and four territories.
The company also maintains more than 80 global licenses, giving it a broad operational foundation even without a U.S. national trust bank charter.
Wise had originally submitted its charter application in June 2025, seeking to establish Wise National Trust as a non-depository national trust bank based in Austin, Texas.
A key part of that original application was obtaining a master account at the Federal Reserve Bank of Dallas, the kind of direct access typically reserved for chartered banks.
That strategy was undermined when the Federal Reserve announced in May 2026 a proposed change in policy regarding payment system access for uninsured trust banks, making the original approach non-viable.
Wise now plans to submit a new application for a national trust bank charter under a framework established by the GENIUS Act, which significantly changed U.S. payments regulation.
The company said it continues to maintain a positive relationship with the OCC, signaling confidence that a revised application could find a more favorable path forward.
The GENIUS Act, along with rapidly evolving Federal Reserve policy on direct access to the federal payments network, has reshaped the regulatory landscape for fintechs pursuing banking licenses.
Wise began trading on Nasdaq under the ticker WSE after shifting its primary listing from London, reflecting its growing ambitions in the U.S. market.
In fiscal year 2026, Wise supported around 19 million people and businesses, processing over $240 billion in cross-border transactions and saving customers more than $3 billion in fees.
The fintech processed $243 billion in cross-border volume last year, underscoring the scale of its operations and the strategic importance of securing deeper U.S. banking infrastructure.
Analysts will be watching closely to see whether a GENIUS Act-based reapplication can succeed where the original charter bid fell short.
