MoonPay Joins “Dual License Club” After Securing NYDFS Limited Purpose Trust Charter

US-based fintech firm MoonPay has been granted a Limited Purpose Trust charter from the New York State Department of Financial Services (NYDFS) to provide digital asset custody and over-the-counter (OTC) trading.

The company has joined a small group of companies to hold both a business license for virtual currency activities (BitLicense) and a Limited Purpose Trust charter from the NYDFS.

According to a Nov. 25 press release, the new license brings further regulatory compliance measures to the firm’s 30 million customers and nearly 500 client and partner companies. MoonPay says it is now fully licensed in the US and regulated in the UK, EU, Canada and Australia.

Prioritizing state compliance

Pundits and denizens of the crypto community were quick to respond to the news with bullish fervor. Industry analyst Eleanor Terrett opined, in a post on X.com, that it was “notable that at a time when most companies are racing for (OCC) charters, some are still opting for full state compliance first.”

Another user, with the handle “Crypto Dog” pointed out that Coinbase, PayPal, and Ripple are among some of the few other companies to hold dual licenses in New York. They added that “NYDFS doesn’t hand out trust charters unless your compliance is bulletproof.”

Beyond the US, MoonPay has also sought global compliance certificates in numerous territories including the UK, EU, and Australia. As Coinspeaker reported, the firm secured an operational license to enter the Dutch market under the EU’s Markets-in-Crypto-Assets (MiCA) regulation in December 2024.

In related news, MoonPay announced a partnership with Arkham Exchange on Nov. 21 to integrate fiat-to-crypto on and offramps, bringing simplified funding methods to the exchange’s userbase. The company also inked deals with Zengo Pro and Haha Wallet around the same time, capping off a busy week.

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