MoonPay, a crypto payments company, has been granted the BitLicense and a money transmitter license by the New York Department of Financial Services (NYDFS), enabling it to operate its fiat-to-crypto services across all 50 U.S. states without coverage gaps. This regulatory milestone places MoonPay among a select group of firms, including Coinbase, Circle, Robinhood, and Ripple, authorized under New York’s rigorous digital currency regulatory framework established in 2015.
The BitLicense allows MoonPay to maintain custody of digital assets on behalf of customers, conduct exchange services, and more within New York—a state known for its strict financial regulations. This approval complements MoonPay's recent move to establish its U.S. headquarters in Manhattan’s SoHo district, reinforcing its commitment to U.S. expansion.
MoonPay highlighted that New York is considered the gold standard in U.S. financial regulation, and obtaining this license enables better collaboration with major financial institutions worldwide. The firm reported achieving profitability in 2024, marking its strongest financial year, and has made strategic acquisitions of infrastructure providers Iron and Helios to enhance its fiat-to-crypto ramp services.
Despite New York City Mayor Eric Adams advocating to eliminate the BitLicense to encourage freer Bitcoin usage in the city, MoonPay’s license advances its capability to serve New York customers directly. The firm also played a key role in facilitating the launch and trading surge of former President Donald Trump’s Solana-based meme coin, underlining its importance in handling high-demand crypto transactions.
MoonPay plans to continue investing in U.S. talent and will announce further developments soon. Overall, the BitLicense acquisition bolsters MoonPay’s position as a compliant and credible payment gateway in the increasingly regulated crypto industry.