Cryptocurrency payment giant MoonPay has reached a significant regulatory achievement with the granting of a Limited Purpose Trust Charter by the New York Department of Financial Services (NYDFS) on November 25, 2025. This development follows the company’s acquisition of a BitLicense from the NYDFS just five months earlier, on June 4, 2025. With both licenses in hand, MoonPay joins an elite group of only four other companies—Coinbase, PayPal, Ripple, and NYDIG—holding dual regulatory approval within New York State.
The Limited Purpose Trust Charter significantly expands MoonPay’s capabilities beyond its typical payment processing services. The approval allows the company to legally provide cryptocurrency custody services for institutional clients, ensuring safe storage of digital assets. Furthermore, the charter enables over-the-counter trading, facilitating large-volume cryptocurrency transactions away from public exchanges.
Ivan Soto-Wright, co-founder and CEO of MoonPay, expressed pride in this achievement, stating, “Receiving our New York Trust Charter reflects our commitment to meeting the highest standards of compliance, security, and governance.” He noted that the charter enhances MoonPay’s ability to strengthen relationships with global financial institutions and broaden its range of regulated services.
Industry experts recognize that the NYDFS is selective in granting trust charters and typically conducts extensive vetting before bestowing such approval. This regulatory endorsement signals that MoonPay adheres to rigorous compliance standards akin to those required of traditional banks, potentially making it a more appealing partner for established financial firms delving into the cryptocurrency sector.
MoonPay’s regulatory journey this year has been notable. Following the successful acquisition of both the BitLicense and a Money Transmitter License on June 4, 2025, the company completed its U.S. regulatory coverage, enabling it to operate across all 50 states without gaps. The BitLicense, widely considered a benchmark in cryptocurrency regulation since its inception in 2015, adds to MoonPay’s credibility. The application process for such licenses is often lengthy and costly, reflecting the strict requirements imposed by regulators.
Additionally, MoonPay has made strides in its global regulatory footprint, holding various licenses and registrations across jurisdictions including the United Kingdom, European Union, Canada, Australia, Italy, Ireland, and Jersey. A notable accomplishment was MoonPay becoming one of the first crypto firms to secure authorization under the EU’s Markets in Crypto Assets (MiCA) regulation in December 2024. This strategic compliance framework positions the firm favorably for international expansion, as it currently serves 30 million customers in over 180 countries.
The recent approvals from New York coincide with a growing interest in cryptocurrency services from traditional financial institutions, as they increasingly seek partnerships with crypto companies that demonstrate strong regulatory compliance and operational reliability.
The trust charter presents new opportunities for MoonPay’s business model, including the potential to issue its own compliant stablecoin, albeit with separate approval from the NYDFS still required. The stablecoin market constitutes a substantial opportunity, with a total market cap exceeding $190 billion. MoonPay’s established partnerships with prominent payment platforms and exchanges could facilitate the distribution of any future stablecoin offerings.
Strong financial performance has characterized MoonPay in recent years, with the company declaring cash flow positivity and profitability in 2024, forecasting 2025 to be its most lucrative year yet. This financial health supports its regulatory applications and broader business ambitions. In addition, MoonPay has engaged in multiple acquisitions, including buying fintech startup Meso for enhanced banking connections and payment infrastructure.
Furthermore, the NYDFS’s thorough approval process is viewed as among the most extensive globally, often serving as a benchmark for other regulatory authorities. Companies successfully meeting New York’s criteria frequently find the process easier in other markets.
For customers, the enhanced regulatory oversight afforded by the trust charter brings an additional layer of security and confidence, necessitating specific capital reserves and adherence to strict operational protocols designed to protect assets.
MoonPay’s recent regulatory milestones suggest a transformative phase for the company, evolving from a basic payment processor to a comprehensive financial infrastructure provider. As it positions itself to offer custody services, facilitate large transactions, and potentially launch stablecoins, MoonPay has established its role as a pivotal player in the institutional cryptocurrency market. The accomplishments illustrate that cryptocurrency entities can navigate complex regulatory frameworks while achieving growth and maintaining profitability, potentially offering a model for others seeking to gain the trust of traditional financial institutions.
