MoonPay Expands Regulated Services with New York Trust Charter
By: Eliza Bennet
Cryptocurrency payments company MoonPay has made significant strides in expanding its services after being granted a trust charter by the New York Department of Financial Services (NYDFS). This milestone marks an expansion of the company's regulated services and opens up new opportunities in the cryptocurrency industry.
MoonPay's recent approval from NYDFS follows its success in obtaining a BitLicense in June, positioning it among a select group of crypto companies with this dual regulatory clearance. The newly acquired trust charter will enable MoonPay to provide comprehensive crypto custody and over-the-counter (OTC) trading services specifically tailored for the New York market. This advancement propels MoonPay into a stronger competitive stance, broadening its potential to deepen institutional relationships by offering regulated and secure services that cater to both individual and institutional crypto needs.
The trust charter is a significant addition to MoonPay's regulatory portfolio, enabling them to ensure the protection of customers’ digital assets, which is a top priority in today's volatile crypto environment. This development fosters trust and reassurance among investors and partners who prioritize security and compliance in digital asset transactions. The company emphasizes that this strategic move is poised to enhance existing partnerships with global financial institutions, leveraging the capabilities afforded by the trust charter to serve a broader spectrum of clients.
MoonPay's CEO, Ivan Soto-Wright, expressed enthusiasm regarding this development, noting the potential it has to transform the company's operations by fortifying its service offerings and expanding its reach within regulated spheres. The partnership with NYDFS not only aligns with MoonPay's vision of growth but also aligns with their aspirations to be a key player benefitting from regulatory clarity in the rapidly evolving cryptocurrency landscape. As MoonPay continues to build its global influence, such regulatory advancements are crucial stepping stones on their path to achieving higher standards of customer service and institutional trust.
