Wise Group, the London-listed fintech formerly known as TransferWise, had its application for a national trust bank charter denied by the Office of the Comptroller of the Currency on July 23, 2026. The denial was tied to compliance concerns stemming from a multi-state consent order on anti-money laundering protocols. The company processed over $240 billion in cross-border payment volume during fiscal year 2026 and serves approximately 19 million customers. Wise shares dropped 11% following the announcement. Wise plans to resubmit its application under the GENIUS Act, signed on July 18, 2025, which allows uninsured national trust banks to issue stablecoins.
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