MoonPay has registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide digital currency exchange services in Australia.
The move will help the Miami-headquartered crypto trading platform founded by Ivan Soto-Wright and Victor Faramond in 2019 to establish local payment processing relationships across Australia.
MoonPay currently holds registrations in the U.K., Ireland, Italy, Canada, and Australia, alongside 44 Money Transmitter Licenses to operate across the United States.
The crypto unicorn is backed by venture firms such as Tiger Global, Coatue, Blossom Capital, Thrive Capital, and Paradigm. The startup focuses on bridging fiat-to-crypto transactions using debit and credit cards.
“Simple and compliant exchange of crypto assets around the world”
As crypto asset adoption continues to grow in Australia, MoonPay may enable residents and local firms to use alternative payment methods such as Osko and PayID.
One in five Australian adults currently or previously owned crypto assets, according to a recent poll in Australia, a country that launched its first Bitcoin ETF in June.
The AUSTRAC registration prompts MoonPay to comply with Australia’s AML/CTF Act, the main piece of government legislation that regulates the regulator’s functions.
Although MoonPay’s registration is not a license or endorsement by AUSTRAC, it sets the firm to adhere to reporting, KYC, and record-keeping requirements.
Ivan Soto-Wright, Founder and CEO of MoonPay, commented: “MoonPay continues to advocate for simple and compliant exchange of crypto assets around the world. We’re thrilled to bring our services directly to Australian users, and we will continue engaging with regulatory bodies globally to encourage innovation while prioritizing compliance and consumer safety.”
Jack Dorsey’s Block partnered with MoonPay
Jack Dorsey’s fintech company Block has partnered with MoonPay to enable users to buy Bitcoin using various payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and PayPal. This collaboration is specifically integrated with Block’s new hardware wallet, Bitkey, which launched in March.
MoonPay laid off 10% of workforce
In June, MoonPay’s Soto-Wright announced the firm laid off 10% of the workforce, including role eliminations, relocations, and structural changes. Although the email did not specify the number of employees affected, LinkedIn records suggest around 30 people, given MoonPay’s current headcount of nearly 300.
