Scallop, a digital finance platform, announced it has officially secured a Money Services Business (MSB) license in the United States, which is a major milestone that expands its regulated crypto-fiat banking services to the United States.
Scallop’s U.S. Market Entry and Services
With the MSB license, Scallop joins a select group of crypto-native platforms legally authorized to operate fully regulated fiat and crypto services in one of the most important financial markets in the world.
The new license is particularly noteworthy because the US is a massive market both for fintech and crypto. With it, Scallop plans to launch its fintech app offering multi-currency fiat accounts, Visa debit cards and Mastercard credit cards (allowing spend and credit access via fiat or crypto top‑ups), real-time on-ramp and off‑ramp services for crypto, and a few other things.
As the core utility token of the Scallop platform, $EMYC powers the app’s functionality. Its uses include providing access to tiered cards, offering staking rewards, and facilitating payment for gas fees.
Additionally, the company provides a developer SDK, which allows fintechs and Web3 platforms to embed Scallop’s regulated finance and compliance infrastructure directly into their products.
What is Scallop?
Launched in 2021, Scallop has positioned itself as a compliance-first, DeFi-integrated banking platform that competes with entities like Revolut, Monzo, and Binance, while adding full regulatory backing and native crypto infrastructure.
Scallop’s global footprint is now among the largest in the sector, with the company holding compliance authorizations in more than 160 countries. The company previously obtained an MSB license in Canada (early 2022), enabling foreign exchange, crypto dealing, and remittance services in the Great White North.
Since then, it has built a regulated DeFi‑banking ecosystem spanning over 160 jurisdictions, including the EU, combining IBANs, wallets, a token marketplace, along with its own regulated blockchain.
In 2024, after the introduction of the E Money Network, Scallop added a stronger focus on real-world asset (RWA) tokenization, BankFi protocols, and compliance-first DeFi infrastructure (including on-chain IBANs, fiat-pegged assets, and modular financial architecture).
All in all, today’s license approval places Scallop among a small group of global crypto-fintech companies that are prepared to expand into major regulated markets.
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