Arizona Department of Insurance and Financial Institutions Approved Alchemy Pay to Operate

Alchemy Pay, a fiat-crypto payment solutions provider, has just received approval to operate in Arizona. The Arizona Department of Insurance and Financial Institutions

Alchemy Pay, a leading fiat-crypto payment solutions provider, has just announced the receipt of a Money Transmitter License (MTL) from the Arizona Department of Insurance and Financial Institutions.

This new approval allows Alchemy Pay to operate in nine U.S. states

Also known for its role in the creation of the Strategic Bitcoin Reserve, the U.S. government, especially under the Donald Trump administration, has become increasingly supportive of cryptocurrencies. This shift in attitude is evident in initiatives like the White House Crypto Summit.

Following Arizona’s approval, Alchemy Pay can now facilitate the movement of funds between crypto and traditional currencies more safely and legally. This, in turn, enhances the company’s image as a reliable and trustworthy payment provider in the industry.

“We are thrilled to announce that Alchemy Pay has received a Money Transmitter License from the Arizona Department of Insurance and Financial Institutions,” said Ailona Tsik, CMO of Alchemy Pay.

“This achievement is a testament to Alchemy Pay’s commitment to regulatory compliance and user protection. As the cryptocurrency industry continues to grow at an exponential rate, our primary responsibility remains to be compliant with local regulations and ensure the safety of our users’ funds. We want users to be sure that they’re on a safe and legal platform.”

Founded in 2017, Alchemy Pay has experienced remarkable growth. In 2024 alone, the company reached 3 million users and facilitated 8 million transactions—three times the total from the previous year.

Moreover, Alchemy Pay holds licenses and registrations in several countries outside the U.S., including the UK, Switzerland, South Korea, Australia, and Canada. These endorsements attest to Alchemy Pay’s respect for local laws in every jurisdiction where it operates.

As Alchemy Pay continues its journey, the company’s focus remains on securing additional approvals from relevant authorities in the countries and regions where it provides services. This ongoing effort is crucial for Alchemy Pay to continue offering its crypto services safely, smoothly, and in accordance with the legal frameworks of each territory.