Cryptocurrency-focused financial technology company MoonPay has been approved to operate as a limited purpose trust company in New York and has been granted permission to provide cryptocurrency custody and over-the-counter (OTC) trading services to institutions supervised by one of the most highly supervised financial regulators in the United States.
The company is known for providing cryptocurrency adoption and payments infrastructure, and is currently on a short list of digital asset companies including Coinbase, PayPal, and Ripple that have received both a BitLicense and a Trust Charter from the New York State Department of Financial Services (NYDFS). The dual license allows MoonPay to expand its reach into regulated services for institutional and business customers.
The charter gives MoonPay the legal framework to act as a fiduciary, meaning it can protect digital assets on behalf of its customers, a key requirement for companies such as banks and asset management companies considering crypto exposure.
“Receiving the New York Trust Charter reflects our commitment to meeting the highest standards of compliance, security and governance,” MoonPay CEO Ivan Soto-Wright said in a statement. “This will enable us to deepen our relationships with global financial institutions, expand our regulated service offering, and continue to bridge traditional and digital finance in a trusted way.”
MoonPay is best known for enabling the purchase of cryptocurrencies through credit cards and other fiat payment methods, but its ambitions extend further with the launch of MoonPay Trust Company. In theory, we now have a clearer route to issuing stablecoins that comply with New York regulations, although such a move would require separate NYDFS approval.
A regulated trust charter signals credibility for traditional financial institutions, which remain wary of partnering with crypto companies due to continued U.S. regulatory uncertainty.
MoonPay’s new status could make it a more attractive partner for banks, fintechs and global payment networks looking to enter the crypto space without running afoul of regulators.
