MoonPay, a prominent global crypto payments firm, has achieved a significant milestone by securing a BitLicense from the New York State Department of Financial Services (NYDFS). This approval enables MoonPay to operate in all 50 U.S. states without the need for third-party intermediaries, marking a pivotal moment in its expansion strategy within the United States.
The NYDFS BitLicense is widely recognized as one of the most rigorous regulatory frameworks for digital asset companies in the U.S. Since its introduction in 2015, only a select group of 34 firms, including Coinbase, Circle, Robinhood, and Ripple, have successfully obtained this license. Achieving this license underscores MoonPay's commitment to compliance, cybersecurity, and robust financial controls.
MoonPay's co-founder and CEO, Ivan Soto-Wright, expressed his enthusiasm for this achievement, stating that the BitLicense, along with the Money Transmitter Licenses, constitutes the "golden regulatory stack" for crypto in the U.S. This allows MoonPay to directly serve customers in every state, ensuring comprehensive coverage across the nation. Soto-Wright also highlighted the company's pride in being a U.S.-founded entity with headquarters in New York City and expressed a commitment to collaborating with regulators to enhance crypto accessibility for everyone.
The BitLicense approval closely follows the opening of MoonPay's new U.S. headquarters in Manhattan's SoHo district. The company reported its "strongest financial performance in history" in 2024, further solidifying its position in the market. In addition to organic growth, MoonPay has strategically acquired payment infrastructure firms like Iron and Helios to scale its fiat-to-crypto on- and off-ramp services, streamlining the process for users to buy and sell digital assets using traditional currency.
Securing the BitLicense is viewed as a mark of credibility within the crypto industry, particularly among institutional investors and enterprise clients. Crypto attorney James Murphy, known as MetaLawMan on X, noted that the license has become highly coveted in recent years, a shift from earlier days when some firms abandoned the application process due to its complexity.
Beyond its U.S. expansion, MoonPay has been actively growing its global footprint. The company holds registrations in the UK, Australia, Canada, Italy, Ireland, and Jersey. Furthermore, in December 2024, MoonPay was among the first firms to secure a crypto asset service provider license under the EU's Markets in Crypto Assets (MiCA) regulation, demonstrating its proactive approach to regulatory compliance worldwide.
With the BitLicense in hand, New Yorkers can now access MoonPay's full suite of fiat-to-crypto services, including buying, selling, and storing cryptocurrencies, using major payment methods and the MoonPay Balance. The company also partnered with Mastercard to launch a stablecoin card, allowing users to spend their crypto at over 150 million merchants globally. This initiative underscores MoonPay's commitment to making crypto more practical and accessible for everyday use.
