MoonPay Gains Trust License for Crypto Operations in New York

MoonPay has been granted a Limited Purpose Trust Charter by the NYDFS, authorizing it to provide regulated crypto custody and OTC trading in New York, as reported on November 25.

This positions MoonPay with elite firms holding dual licenses, enhancing its ability to engage with institutional clients under NYDFS compliance.

Key Developments, Impact, and Reactions

MoonPay’s acquisition of the Limited Purpose Trust Charter permits regulated crypto custody and OTC trading in New York. This development, confirmed by the NYDFS, brings MoonPay in line with firms like Coinbase and Ripple that hold similar dual licenses. Currently, only a few companies have achieved this regulatory status, positioning MoonPay among elite players. The license reinforces MoonPay’s commitment to compliance and broadens its appeal to institutional clients. CEO Ivan Soto-Wright emphasized the company’s commitment to high compliance standards and building relationships with financial institutions. Eleanor Terrett noted this move puts MoonPay with an exclusive group under New York’s strict licensing regime.

Bitcoin currently trades at $87,181.98, with a market cap of 1.74 trillion, marking a 1.88% decline over 24 hours. Despite a dominance of 57.92% in the crypto market, Bitcoin has experienced a 23.21% decrease over the past 30 days, as per CoinMarketCap data. The Coincu research team highlights MoonPay’s dual licensing as a leverage point for greater institutional trust, aiding its mission to integrate traditional and digital finance. This new charter may spur technological advancements and attract more institutional clients, fortifying MoonPay’s standing in the competitive US crypto market.

“Receiving our New York Trust Charter reflects our commitment to meeting the highest standards of compliance, security, and governance. It enables us to deepen relationships with global financial institutions, expand our regulated service offerings, and continue bridging traditional and digital finance in a trusted way.” — Ivan Soto-Wright, CEO, MoonPay

Dual Licensing Enhances MoonPay’s Market Position

Did you know? Only a handful of companies, including Coinbase and Ripple, hold both a BitLicense and a Trust License under New York’s strict regulatory framework, highlighting the importance of compliance in expanding to regulated markets.

Bitcoin currently trades at $87,181.98, with a market cap of 1.74 trillion, marking a 1.88% decline over 24 hours. Despite a dominance of 57.92% in the crypto market, Bitcoin has experienced a 23.21% decrease over the past 30 days, as per CoinMarketCap data.

This new charter may spur technological advancements and attract more institutional clients, fortifying MoonPay’s standing in the competitive US crypto market.