MoonPay, a leading cryptocurrency payments company, has achieved a significant milestone by securing the ability to operate in all 50 US states following its recent approval for a BitLicense and money transmitter license in New York. This development positions MoonPay as one of the few digital currency businesses with the regulatory clearance to serve customers nationwide without gaps in coverage.
Expanding Across the US: A Regulatory Milestone
On June 4, MoonPay announced that the New York State Department of Financial Services (NYDFS) had granted its US entity both a BitLicense and a money transmitter license. This approval allows MoonPay to offer its services to users in New York, completing its regulatory compliance across the entire United States.
“With the approval of our New York BitLicense and Money Transmitter Licenses, MoonPay now holds the golden regulatory stack for crypto in the US, allowing us to directly serve customers in every single state without gaps in coverage,” said Ivan Soto-Wright, co-founder and CEO of MoonPay.
The BitLicense, a regulatory requirement for any digital asset business operating in or serving New York residents, is widely regarded as one of the most stringent frameworks in the crypto industry. MoonPay joins an elite group of just 35 digital currency businesses authorized to operate in New York State.
Navigating the Patchwork of US Regulations
Operating in the US has long been a challenge for cryptocurrency companies due to the fragmented regulatory landscape. Each state often requires separate licenses, creating a complex patchwork of compliance requirements. By securing approval across all 50 states, MoonPay has overcome this hurdle, solidifying its position as a leader in the crypto payments space.
This milestone comes just a month after MoonPay announced plans to open a new headquarters in New York City, underscoring its commitment to expanding its presence in one of the world’s most significant financial hubs. In December 2024, the company also received approval to operate as a licensed crypto business in the Netherlands under the European Union’s Markets in Crypto-Assets (MiCA) framework, further demonstrating its global ambitions.
The Significance of New York in Crypto Adoption
As a major economic center, New York —and particularly New York City —has long been a focal point for cryptocurrency companies seeking to establish credibility and make inroads in the US market.
Prominent firms such as Anchorage Digital, Circle, Coinbase, and Gemini have also secured BitLicenses to operate in the state. However, the program remains under scrutiny, with critics like New York City Mayor Eric Adams calling for its reform. During the Bitcoin 2025 conference in Las Vegas, Adams argued for ending the BitLicense regime, which he believes stifles innovation in the crypto industry.
Despite this criticism, Adams has actively supported the digital asset sector, hosting a crypto summit and speaking at the Bitcoin 2025 conference. His efforts come amid political challenges, including recent backlash over the Justice Department’s intervention in a corruption case against him.
Challenges and Scrutiny Surrounding the BitLicense
While the BitLicense is a hallmark of regulatory approval, it has also faced legal and regulatory scrutiny. In January 2024, Genesis Global Trading agreed to surrender its BitLicense as part of a settlement with the NYDFS over allegations of defrauding investors through the Gemini Earn program.
This highlights the dual-edged nature of the BitLicense: while it provides legitimacy, it also subjects companies to rigorous oversight and accountability. For MoonPay, obtaining this license represents not only a regulatory achievement but also a commitment to maintaining high standards of compliance and transparency.
What This Means for MoonPay and the Crypto Industry
MoonPay’s nationwide operational capability marks a turning point in its growth trajectory. With the ability to serve customers in all 50 states, the company is poised to expand its user base and enhance its offerings in the US market.
The company’s success in navigating the complex regulatory environment underscores the importance of compliance in achieving widespread adoption. As the crypto industry continues to mature, companies like MoonPay are setting a precedent for how digital asset businesses can thrive within existing legal frameworks.
Final Thoughts
MoonPay’s acquisition of a BitLicense and its ability to operate in all 50 US states demonstrate the company’s dedication to regulatory compliance and innovation. By securing what Soto-Wright calls the “golden regulatory stack,” MoonPay has positioned itself as a leader in the crypto payments space.
For the broader industry, this achievement highlights the critical role of regulation in fostering trust and adoption. As MoonPay continues to expand globally, its success in the US serves as a blueprint for other companies navigating the complex world of cryptocurrency regulations.
