MoonPay Obtains New York Limited Purpose Trust Charter…Can Provide Custody and OTC Services

Virtual asset (cryptocurrency) service provider MoonPay has obtained a Limited Purpose Trust Charter from the New York State Department of Financial Services (NYDFS). This allows it to provide virtual asset custody and over-the-counter (OTC) services within New York State.

Eleanor Terrett, host of Crypto in America, said on the 25th (local time) via X (formerly Twitter) that MoonPay had obtained the charter, which means its business scope in New York has significantly expanded in addition to its existing BitLicense.

With this acquisition, MoonPay has become a company that meets both conditions — 'BitLicense + Limited Purpose Trust Charter' — held by only a few companies such as Coinbase, PayPal, and Ripple. This is regarded as a criterion for being evaluated as an institution with high regulatory compliance capabilities in New York.

With this approval, MoonPay can strengthen its custody business for institutional clients and its large-scale OTC trading business. New York is known as the state with the most stringent virtual asset regulations in the U.S., so obtaining the charter itself is significant.

MoonPay is currently expanding its business focusing on global payment solutions and bridge services, and obtaining the New York state charter is expected to be an important turning point in increasing its business influence in the United States.