MoonPay Secures New York BitLicense and Money Transmitter License

MoonPay, a leading crypto payments firm, has been granted a BitLicense and a Money Transmitter License by the New York State Department of Financial Services. This regulatory approval enables MoonPay to offer its comprehensive suite of fiat-to-crypto services, including buying and selling cryptocurrencies, to customers in New York. The BitLicense, recognized as a gold standard in the crypto industry, allows MoonPay to operate without coverage gaps across all 50 states in the United States. This achievement positions MoonPay as one of the few crypto payments companies authorized to conduct virtual currency business activities in New York.

MoonPay's acquisition of these licenses is a significant milestone, as it now holds what is referred to as the "golden stack" of licenses in the United States. This regulatory compliance allows MoonPay to offer its market-leading payments solutions to users across the country. Ivan Soto-Wright, co-founder and CEO of MoonPay, expressed pride in this achievement, stating that it allows the company to directly serve customers in every state. Soto-Wright also emphasized MoonPay's commitment to working with regulators nationwide to make crypto accessible to everyone.

MoonPay's New York licenses are complemented by 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 a crypto asset service provider license under the EU’s Markets in Crypto Assets (MiCA) regulation. This extensive regulatory compliance underscores MoonPay's commitment to operating within legal frameworks and ensuring the security and reliability of its services.

The news of MoonPay's regulatory approval comes at a time 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 financial success, coupled with the regulatory approvals, positions MoonPay as a leader in the crypto payments industry. The company's new headquarters in New York City, its largest U.S. office to date, further solidifies its presence and commitment to the region.

The approval of the BitLicense and Money Transmitter License by the New York State Department of Financial Services is a testament to MoonPay's dedication to regulatory compliance and its efforts to make crypto accessible to a broader audience. This achievement not only expands MoonPay's customer base but also reinforces its position as a trusted and reliable player in the crypto payments industry. MoonPay's spokesperson highlighted the significance of the New York BitLicense, stating that it is a critical milestone for the company, enabling it to directly service New York customers. The spokesperson also noted that New York is considered the gold standard in U.S. financial regulation, and MoonPay is thrilled to join the small group of companies that have passed this rigorous process.

MoonPay's regulatory approvals come at a time when New York City's mayor, Eric Adams, has been vocal in his support for the crypto industry. Adams, who has called for NYC to become the "crypto capital of the world," recently suggested that the BitLicense should be abolished to allow for a freer flow of Bitcoin in the city. Despite this, MoonPay's achievement in securing the BitLicense demonstrates its commitment to operating within the existing regulatory framework while continuing to innovate and expand its services.

MoonPay's success in securing these licenses is a testament to its dedication to regulatory compliance and its efforts to make crypto accessible to a broader audience. The company's new headquarters in New York City, its largest U.S. office to date, further solidifies its presence and commitment to the region. MoonPay's spokesperson stated that the company will continue to invest in talent in New York and the United States, with more announcements coming soon. This commitment to growth and innovation positions MoonPay as a leader in the crypto payments industry, poised to continue its success and expansion in the years to come.