MoonPay registers with AUSTRAC to provide crypto exchange services in Australia

MoonPay, a global crypto company that offers services in the UK, Ireland, Italy, and Canada, has now managed to expand to yet another new market — Australia. The company recently registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), which will allow it to provide crypto exchange services in the country.

MoonPay Enters Australian Market

MoonPay is a US-based company headquartered in Miami. It was founded in 2019 by Ivan Soto-Wright and Victor Faramond. It was backed by a number of major VCs such as Coatue, Tiger Global, Thrive Capital, Paradigm, and Blossom Capital. Since it was established, the startup started focusing on bridging fiat-to-crypto transactions via credit and debit cards.

Over the years, the company expanded to multiple countries, and the new move will allow it to establish a local payment processing relationship with users and firms across Australia. As the firm sets roots in the country, it may enable both residents and local companies to use alternative methods of payment, such as PayID or Osko.

The crypto industry is quite developed in Australia, with one in five adults having experience with crypto, whether owning crypto currently or at some point in the past. Australia also previously launched its first BTC ETF earlier this year, in June. Being relatively advanced in terms of crypto regulations, the country allows companies that are regulatory compliant to register with AUSTRAC and start providing services involving digital assets.

With that said, MoonPay’s registration is not a license or endorsement by AUSTRAC. However, it will set the firm to adhere to KYC, reporting and record-keeping requirements. Soto-Wright commented on the move and said that MoonPay will continue to advocate for simple and compliant exchange of crypt 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,” he said.

MoonPay Partnerships and Expansions

It is also worth noting that Jack Dorsey’s fintech firm Block also partnered with MoonPay. The partnership will enable users to buy Bitcoin using a variety of payment methods, such as credit and debit cards, bank transfers, PayPal, Apple Pay, or Google Pay. The collaboration was also integrated with Bitkey, Block’s new hardware wallet that went live in March.

Moving forward, the two firms intend to integrate MoonPay Sell into Bitkey, to allow crypto-to-fiat exchanges.

However, it is also worth saying that MoonPay had to lay off 10% of its workforce earlier this year. This included relocations and structural changes, but also role eiminations. The company did not reveal how many employees were affected, but LinkedIn records suggest that around 30 people may have been affected, representing 10% of MoonPay’s 300-employee workforce.

Soto-Wright said that those impacted would retain the opportunity to be the firm’s shareholders, and they may also receive separation packages. Alongside the layoffs, MoonPay also made a move to launch new products and services, such as a WEb3 tool platform for brands entering the crypto space, which integrated PayPal for easier US crypto purchases and sales, or a partnership with BitPay to streamline crypto transactions.