MoonPay Secures New York BitLicense for Expanded Service Offerings
MoonPay has obtained the New York BitLicense, allowing it to operate legally across all 50 states. This license is issued by the New York State Department of Financial Services (NYDFS), recognized for its stringent regulatory standards.
Key Points
- MoonPay is now among a select group of firms holding a BitLicense, joining companies like Robinhood, PayPal, and Coinbase.
- The NYDFS's licensing process emphasizes compliance, cybersecurity, and financial controls, making the BitLicense one of the most challenging approvals for crypto entities.
- As of December 2024, the NYDFS had granted BitLicenses to only 25 crypto firms, with many applications rejected due to security and legality concerns.
- MoonPay previously secured an operational license under the EU's MiCA regulation for the Dutch market and holds licenses in Liechtenstein, Italy, the UK, and Ireland.
- In January, MoonPay acquired Helio, a blockchain payment processor on the Solana network, for $175 million.
- The BitLicense may enhance MoonPay's credibility and facilitate future deals.