Scallop, a digital finance platform, has announced that it has officially secured its Money Services Business (MSB) license in the US.
Scallop’s US market entry and service
With the MSB license, Scallop joins a selection group of crypto-native platforms legally permitted to operate fully regulated Fiat and Crypto services in one of the world’s most important financial markets.
The new licenses are particularly noteworthy as the US is a large market for both fintech and crypto. Along with that, Scallop will launch a FinTech app that offers multi-currency Fiat accounts, Visa debit cards, MasterCard credit cards (which allow for spending and credit access via Fiat or Crypto top-up), and a real-time on-ramp and off-ramp services for crypto.
As a core utility token for the scallop platform, $EMYC promotes the functionality of your app. Its uses include providing access to tiered cards, providing meal rewards and promoting payments for gas fees.
Additionally, the company will provide developer SDKs. This allows FinTechs and the Web3 platform to embed Scallop’s regulated financial and compliance infrastructure directly into their products.
What is a scallop?
Launched in 2021, Scallop has established itself as a compliance-first, defined unified banking platform that competes with entities such as Revolut, Monzo, and Binance, adding full regulatory support and native crypto infrastructure.
Scallop’s global footprint is currently one of the largest in the sector, with compliance approvals in over 160 countries. The company previously acquired an MSB license in Canada (early 2022) and enabled forex, crypto trading and remittance services in Great White North.
Since then, it has built a regulated defi banking ecosystem across more than 160 jurisdictions, including the EU, combining the Ivan, wallet and token markets, along with its own regulated blockchain.
In 2024, after the introduction of the E-Money Network, Scallop added a strong focus on real-world asset (RWA) tokenization, BankFi protocols, and compliance-first Defi infrastructure (including on-chain evans, Fiat page assets and modular financial architectures).
Overall, today’s license approvals place scallops among small groups of global crypto fintech companies ready to expand into major regulatory markets.
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