MoonPay's Trust Charter Paves Compliant Path for Banks into Crypto

MoonPay, a leading crypto payments platform, has secured a New York Limited Purpose Trust Charter, joining an exclusive group of firms-including Coinbase, PayPal, and Ripple-that hold both a New York Bitlicense and Trust Charter. The approval from the New York State Department of Financial Services (NYDFS) enables MoonPay Trust Company to offer digital asset custody and over-the-counter (OTC) trading services under one of the most stringent regulatory frameworks in the U.S. The move underscores MoonPay's strategic push to solidify its role as a trusted infrastructure provider for institutional clients and global financial institutions.

The Trust Charter allows MoonPay to act as a fiduciary for clients in New York, a critical requirement for banks and asset managers seeking crypto exposure. CEO Ivan Soto-Wright emphasized that the charter reflects the company's commitment to "the highest standards of compliance, security, and governance," enabling deeper partnerships with traditional finance players and expanding its regulated service offerings according to the company's announcement. With this approval, MoonPay can now provide institutional-grade custody solutions and OTC trading, positioning itself to bridge traditional and digital finance in a "trusted way" as reported by industry sources.

New York's regulatory environment is notoriously rigorous, with strict anti-money laundering (AML), cybersecurity, and capital requirements. Only a handful of firms have navigated these hurdles to obtain both a Bitlicense and Trust Charter, a dual authorization that signals regulatory credibility in a market still grappling with federal oversight uncertainty. MoonPay's achievement comes as it continues to expand its global footprint, having recently integrated fiat on-ramps with Arkham Exchange and acquired infrastructure firms like Helio and Iron to bolster its product suite as detailed in industry reports.

The Trust Charter also opens potential pathways for compliant stablecoin issuance under frameworks like the federal GENIUS Act, though such initiatives would require additional NYDFS approvals according to regulatory filings. MoonPay's expansion into custody and OTC trading complements its existing services, which include retail on-ramps for buying crypto via credit cards, Apple Pay, and Venmo. The company serves over 30 million customers and powers infrastructure for nearly 500 businesses, including platforms like OpenSea and Bitcoin.com as reported by industry analysts.

Industry analysts note that MoonPay's dual licenses could make it a more attractive partner for banks and fintechs entering the crypto space. "Regulated infrastructure is a key hurdle for traditional institutions," said one observer. "MoonPay's Trust Charter addresses that by providing a compliant on-ramp for crypto exposure without exposing partners to regulatory risk." The approval also aligns with broader trends of crypto firms prioritizing institutional-grade compliance, as seen in recent moves by rivals like Sisvida Exchange, which secured a U.S. Money Services Business (MSB) license.

MoonPay's New York expansion follows a June 2025 Bitlicense approval and the opening of a SoHo headquarters, signaling its intent to dominate the U.S. market. With federal regulators still debating the scope of crypto oversight, MoonPay's state-level compliance strategy offers a pragmatic path for growth in a fragmented regulatory landscape.