MoonPay Secures FCA Registration for UK Crypto Business

Cryptocurrency payment app MoonPay has been licensed by the UK's Financial Conduct Authority (FCA), becoming the 40th cryptocurrency service provider to be regulated by the financial regulator.

MoonPay is registered in the United States and its UK subsidiary operates under MoonPay (UK) Limited, its London-based branch. After being added to the list of the FCA authorized cryptocurrency service provider, MoonPay is subject to the UK's Money Laundering, Terrorist Financing and Transfer of Funds Regulations (MLRs).

Obtaining FCA regulatory authorization is not an easy task. Nearly 75% of applications were rejected or withdrawn by the watchdog. Currently, only a few companies such as Crypto.com, Gemini, eToro and Revolut are qualified to provide cryptocurrency services.

MoonPay has been kept a low profile recently. However, the crypto payment application raised US$555 million in Series A​ in last November, one of the biggest financing in the crypto industry so far. Backed by big names like Justin Bieber, the company also raised $87 million​ in its latest funding round in April.