MoonPay Secures NYDFS Approval And Steps Into New York’s Big Crypto Arena

• MoonPay secures NYDFS approval, allowing custody and OTC crypto services in New York.
• The charter positions MoonPay to expand into major institutional and enterprise crypto markets.

MoonPay has obtained a Limited Purpose Trust Charter from the New York Department of Financial Services (NYDFS), a move that immediately opens the door for digital asset custodial services and OTC trading in New York. With this approval, MoonPay can directly store clients’ crypto assets and facilitate large-volume transactions.

A New Positioning for Bigger Institutional Demands

Given New York’s track record of stringent regulations, obtaining this charter signals that MoonPay is on track to meet high regulatory standards. Furthermore, the OTC services permitted by this charter provide institutional clients with the opportunity to transact without relying on public exchanges.

Interestingly, this charter comes amid MoonPay’s strategic transformation over the past two years. Initially known as a crypto and NFT on-ramp and off-ramp service, the company has slowly begun expanding into services that address the needs of large-scale businesses.

However, the decision to enter the custodial and OTC market demonstrates that MoonPay aims to become more than just a transaction intermediary, but also an infrastructure provider trusted by institutions.

MoonPay Moves Closer to Becoming an End-to-End Provider

Recently, we reported that MoonPay had rolled out its Enterprise Stablecoin Suite, adding another layer to this unfolding story. This platform gives companies the ability to issue and manage their own stablecoins across various blockchain networks. In addition to issuance, the platform provides distribution, payment tools, and liquidity support, enabling companies to fully utilize stablecoins within their ecosystems.

MoonPay not only provides trading services but also provides companies with a stable infrastructure to run custom stablecoins. It almost feels like MoonPay is giving businesses a ready-to-use toolkit for stepping into Web3, instead of forcing them to build every piece themselves.

In mid-October, MoonPay launched MoonPay Commerce, giving businesses a way to accept crypto payments in a smoother and more secure manner. Powered by Helio’s tech, it supports easy checkout, adaptable APIs, and handles both crypto and fiat on a global scale.