Scallop Secures U.S. MSB License to Expand Global Crypto-Fiat Banking Services

Scallop, a UK-based digital banking platform focused on bridging traditional finance and cryptocurrency, has received a Money Services Business (MSB) license from U.S. regulators [1]. This regulatory approval marks a significant milestone, enabling the platform to operate within the U.S., a key market for financial technology innovation and digital assets [1].

The MSB license grants Scallop the authority to provide both fiat and crypto-related services, placing it among a small group of crypto-native platforms with legal clearance to operate in the U.S. [1]. Scallop has already secured regulatory permissions in over 160 countries, establishing one of the most extensive regulatory footprints in the crypto industry [1].

The U.S. is widely regarded as the largest and most influential fintech market globally, and with evolving regulatory clarity, demand for secure, user-friendly platforms is rising [1]. Scallop aims to meet this growing demand by offering a fully integrated banking and crypto experience, differentiating itself from competitors that operate in limited jurisdictions or offer crypto-only solutions [1].

The upcoming Scallop App will provide users with multi-currency fiat accounts, Visa and Mastercard payment solutions (including crypto-backed credit), real-time spending controls, and on/off-ramp services for fiat and crypto [1]. The platform will be powered by $EMYC, Scallop’s utility token, which will be used for gas fees, staking benefits, and unlocking premium card tiers [1]. Future features are expected to include revenue-linked token buybacks and access to advanced account functions.

Scallop is also offering a developer SDK for Web3 wallets, fintech applications, and global platforms, enabling partners to integrate its services—such as fiat banking, card issuance, and compliance tools—into their own products [1]. The platform's regulatory licenses underpin all services, ensuring compliance and trust.

With the MSB license in place and the app launch imminent, Scallop is positioning itself as one of the few crypto-fintech platforms capable of global scaling [1]. The company is focused on enabling real-world crypto use—not just trading—by providing users with a centralized solution that includes banking, cards, and digital assets within a regulated environment [1].

Scallop's official website is undergoing a redesign and will go live shortly, featuring a modern layout and improved access to core features [1]. The company is also opening a waitlist for early access to the Scallop App, with details available at its official site [1].

Founded by Raj Bagadi, Scallop aims to make digital money usable in everyday life by building a trusted and compliant environment for individuals and institutions [1]. The company’s mission aligns with the broader trend of integrating crypto into mainstream finance, leveraging its regulatory footprint and infrastructure to support global adoption [1].

Source: [1] Scallop Receives US MSB License, Unlocking Mass-Market Potential for Global Crypto Adoption

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