MoonPay Secures BitLicense Approval for Full US Crypto Services

MoonPay, a leading cryptocurrency payments company, has achieved a major regulatory milestone by obtaining approval for its BitLicense and Money Transmitter Licenses from the New York State Department of Financial Services. This approval enables MoonPay to offer its full range of fiat-to-crypto services, including buying and selling cryptocurrencies, to customers in New York. The BitLicense, considered a gold standard in the crypto industry, completes MoonPay's regulatory coverage in the United States, allowing the company to directly serve customers in all 50 states. This achievement places MoonPay among the select few crypto payments companies authorized to conduct virtual currency business activities in New York State.

The approval of these licenses underscores MoonPay's dedication to regulatory compliance and its efforts to make cryptocurrency more accessible to a wider audience. Ivan Soto-Wright, co-founder and CEO of MoonPay, highlighted the significance of this milestone, stating that it allows MoonPay to serve customers nationwide without any gaps in coverage. This regulatory approval complements MoonPay's existing money transmission licenses in 46 other U.S. jurisdictions, as well as registrations in several other countries, including the UK, Australia, Canada, Italy, Ireland, and Jersey. In December 2024, MoonPay became one of the first crypto companies to secure its crypto asset service provider license under the EU’s Markets in Crypto Assets (MiCA) regulation.

The news of MoonPay's BitLicense approval comes during a period of significant growth for the company. In 2024, MoonPay achieved its strongest financial performance in history, finishing the year cash-flow positive and profitable. This regulatory milestone, combined with the company's recent expansion, including the unveiling of its new headquarters in New York City, highlights MoonPay's strategic focus on growth and regulatory compliance. The company's ability to operate seamlessly across all 50 U.S. states, thanks to its comprehensive regulatory coverage, positions it as a leader in the crypto payments industry.

As a significant economic hub, New York and its biggest city have often been the focus of cryptocurrency companies looking to make inroads in the US market. Anchorage Digital, Circle, Coinbase and Gemini all have BitLicenses to operate in the state, but the program is also subject to regulatory and legal scrutiny. In January 2024, Genesis Global Trading agreed to surrender its BitLicense as part of a settlement with NYDFS over allegedly defrauding investors through the Gemini Earn program.

MoonPay's achievement comes at a time when the BitLicense program is under scrutiny by elected officials. New York City Mayor Eric Adams called for an end to the program during the Bitcoin 2025 conference in Las Vegas. Despite this, MoonPay's regulatory approval positions the company to continue its expansion and growth in the US market, providing a seamless experience for customers across all 50 states.