MoonPay announced today that the New York State Department of Financial Services (NYDFS) granted the company both a BitLicense and a Money Transmitter License. This milestone enables MoonPay to legally offer its crypto services throughout New York, a state renowned for its stringent regulations. MoonPay’s achievement places it among elite crypto firms operating in all 50 U.S. states.
MoonPay Acquires Double License
MoonPay reportedly went through the rigors to obtain these licenses, navigating New York’s strict regulatory landscape since 2015. The BitLicense requires compliance with anti-money laundering, cybersecurity, and consumer protection standards, demanding extensive documentation. The company, already holding 46 Money Transmitter Licenses, pursued New York’s approvals to complete its nationwide reach.
MoonPay’s BitLicense and Money Transmitter License from NYDFS will likely enhance credibility and facilitate streamlined crypto services. This regulatory approval will support partnerships, such as with Mastercard. Other firms, such as Coinbase and Circle, also hold BitLicenses, while Binance faced legal challenges, with an SEC lawsuit dismissed in May 2025.
License Aids Growth
As digital assets gain mainstream traction, governments worldwide are tightening regulations, requiring firms to obtain licenses to operate legally. This rising need for compliance reflects efforts to protect consumers, combat money laundering, and ensure market stability. Jurisdictions like the EU, U.K., and the U.S are leading with robust frameworks, prompting firms to secure licenses to access these markets.
In the EU, firms have struggled to acquire the Markets in Crypto-Assets (MiCA) license. For example, Bybit, the world’s second-largest crypto exchange by trading volume, secured the EU’s Markets in Crypto-Assets (MiCA) license last week, which was announced by Austria’s Financial Supervisory Authority (FMA). The license enables the exchange to operate seamlessly across all 27 EU member states, thereby enhancing its credibility.
Similarly, Bitgo, another leading crypto custody firm backed by Goldman Sachs, secured the license from Germany’s Federal Financial Supervisory Authority (BaFin). Crypto.com has also obtained a MiCA license, alongside a MiFID license for crypto derivatives in the EU, and Virtual Asset Service Provider (VASP) registrations in Ireland, Spain, and Dubai.
Singapore’s MAS and the Bahamas’ DARE regulate digital assets, attracting firms such as BitGo, OKX, Paxos, Delchain, and FTX through licensing and approvals.
