US-based fintech company MoonPay has secured a Limited Purpose Trust charter from the New York State Department of Financial Services (NYDFS), enabling the firm to provide digital asset custody and over-the-counter (OTC) trading. This milestone places MoonPay among a select group of firms that hold both a BitLicense for virtual currency activities and the newly acquired trust charter from the NYDFS.
This regulatory approval enhances MoonPay’s standing within the financial landscape, aligning it with notable entities such as Coinbase, PayPal, and Ripple, which also hold dual licenses in New York. The announcement follows a press release that indicates the new license will bolster regulatory compliance measures for its extensive user base of 30 million, as well as nearly 500 client and partner companies. With this achievement, MoonPay asserts that it is fully licensed throughout the US and is also regulated in significant markets including the UK, EU, Canada, and Australia.
Industry experts have weighed in on the significance of MoonPay’s strategy of prioritizing state-level compliance over attempting to secure federal charters, which has become a common pursuit among other companies within the sector. Analyst Eleanor Terrett emphasized the importance of this approach, noting that “at a time when most companies are racing for (Office of the Comptroller of the Currency) charters, some are still opting for full state compliance first.”
Similarly, a user known as “Crypto Dog” highlighted the stringent regulatory environment associated with the NYDFS, pointing out that the trust charters are only granted to firms with impeccable compliance records.
In addition to strengthening its U.S. regulatory framework, MoonPay has also obtained compliance certificates across multiple international territories. Notably, in December 2024, the firm secured an operational license to enter the Dutch market under the EU’s Markets-in-Crypto-Assets (MiCA) regulation.
Moreover, recent partnerships have positioned MoonPay to enhance its service offerings further. On November 21, the company announced a collaboration with Arkham Exchange to integrate fiat-to-crypto on and offramps, making funding methods more accessible for users on the exchange. Additionally, partnerships with Zengo Pro and Haha Wallet were established around the same period, indicating an active expansion of MoonPay’s operational capabilities.
This regulatory advancement and the strategic focus on compliance signify a new chapter for MoonPay as it endeavors to lead in the evolving digital asset landscape, promoting compliant innovation in financial infrastructure.
