MoonPay is set to migrate its UK operations to MoonPay (UK) Ltd this Friday, September 1. As a cryptoasset business registered by the Financial Conduct Authority (FCA), we are proud to introduce two major shifts in our operation.
Firstly, we have adapted to the newly imposed Travel Rule requirements within the UK, allowing us to continue offering our services in compliance with local regulations.
Secondly, we have carefully localised our services, and will continue to localise them, to align with the local regulatory requirements for the protection of our UK customers while providing them a trusted and transparent service.
In order to comply with these new requirements, the following updates were made to our products.
Travel rule compliance
MoonPay has implemented controls and processes to ensure that applicable transactions meet local Travel Rule requirements that have been implemented by the updated Money Laundering Regulations.
Operating as a registered cryptoasset business
MoonPay has implemented the following to align with local regulatory requirements:
A unique set of terms and conditions tailored to the needs of UK customers.
A new compliance and KYC checklist comprising a detailed questionnaire among other security controls to safeguard consumers and thwart fraud.
Improvements in our risk assessment approach to comply with the Money Laundering Regulations and Joint Money Laundering Steering Group Guidance Notes.
Further, we will also be implementing a new set of requirements mandated by the FCA, in accordance with the newly instituted Financial Promotion regulations, which come into effect October 8, 2023.
MoonPay is committed to servicing the UK based customers and are working closely with regulators to understand and implement these changes - ensuring that we are at the forefront of both compliance and customer trust.
In an ever-changing regulatory landscape, MoonPay is able to respond quickly to ensure that we can continue to serve our customers across the globe.
Identity Product Manager