MoonPay, a global leader in crypto payments, has officially received authorization from the New York State Department of Financial Services (NYDFS) to operate as a New York Limited Purpose Trust Company (LPTC). This recent approval allows MoonPay Trust Company, LLC to deliver digital asset custody and over-the-counter (OTC) trading services—solidifying its reputation as a trusted provider of financial services in a highly regulated environment.
The NYDFS charter is one of the most esteemed regulatory frameworks available, and MoonPay’s acquisition of it signifies a significant advancement in its mission to provide secure and compliant financial infrastructure for institutional and enterprise clients. Ivan Soto-Wright, co-founder and CEO of MoonPay, emphasized the importance of this achievement, stating that it strengthens relationships with global financial institutions and broadens the company’s regulated service offerings. He highlighted that the approval allows MoonPay to effectively bridge the traditional finance landscape with the emerging digital finance ecosystem.
With this new regulatory status, MoonPay becomes part of an exclusive group of digital asset firms that have successfully obtained both the NYS Bitlicense and the New York Limited Purpose Trust Charters, joining notable companies such as Coinbase, PayPal, Ripple, and NYDIG. This milestone reflects MoonPay’s strategy of expanding its regulated footprint on a global scale, further emphasizing its dedication to serving institutional and enterprise customers efficiently.
Additionally, the launch of MoonPay Trust Company opens doors for a potentially compliant pathway for future stablecoin issuance. It is important to note that any new services will require explicit approval from the NYDFS.
MoonPay operates by simplifying the process of buying, selling, and trading cryptocurrency using various everyday payment methods, including credit and debit cards, Apple Pay, PayPal, and Venmo. The platform caters to both newcomers to digital finance and established businesses exploring innovative uses for digital currencies, aiming to onboard users into the blockchain-based financial ecosystem securely and efficiently.
Currently, MoonPay boasts a customer base of 30 million, powering the financial infrastructures for nearly 500 companies in the decentralized economy. This extensive reach positions MoonPay as a significant player in promoting mainstream adoption of cryptocurrency. The company holds licenses in the U.S. and is regulated in several key markets, including the UK, EU, Canada, and Australia, with certifications ensuring its enterprise-grade security.
MoonPay continues to redefine the landscape of digital payments, aiming to change the way people interact with financial services in the digital realm.
