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MoonPay Secures New York BitLicense for Nationwide Services

MoonPay's recent BitLicense approval allows the company to expand its services across all 50 states, despite ongoing regulatory scrutiny in New York.

Summary

MoonPay has obtained a BitLicense from the New York State Department of Financial Services, enabling nationwide operations. This approval complements its existing money transmission licenses in 46 jurisdictions, enhancing its regulatory standing in the U.S. MoonPay aims to improve cryptocurrency accessibility amid a favorable regulatory environment.

Terms & Concepts
  • BitLicense: A regulatory framework established by the New York State Department of Financial Services for companies engaged in virtual currency activities.
  • New York State Department of Financial Services: The regulatory body responsible for overseeing financial services and products in New York, including virtual currency activities.
  • Virtual currency: A digital currency that uses cryptography for security and operates independently of a central bank.