@0xPolygon has completed its acquisition of Coinme, giving Polygon a regulated payments business in the United States. The deal gives the company 37 state money transmitter licenses and 11 ap
@0xPolygon has completed its acquisition of Coinme, giving Polygon a regulated payments business in the United States. The deal gives the company 37 state money transmitter licenses and 11 applicable exemptions, which together cover 48 states, and it is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business. The licenses, exemptions and FinCEN registration were detailed in a company statement shared with The Block.
The transaction completes part of a $250 million combined deal announced in January to buy Coinme and wallet infrastructure firm Sequence. Polygon said at the time that the acquisitions would bring money transmission licenses, wallet technology and cross-chain transaction routing into its payments business.The standalone purchase price for Coinme was not disclosed.
The licenses feed into Polygon's Open Money Stack (OMS). The platform combines fiat on- and off-ramps, wallets, cross-chain routing and settlement through a single integration.Polygon Labs CEO Marc Boiron said the acquisition brings regulated US money movement into the stack, covering a payment from the moment funds come in to the moment the recipient gets paid.
For enterprise clients, the change is largely about compliance: covered services run under Polygon's state footprint, so clients do not need to build their own state-by-state money transmission setup.Polygon has said the unified OMS integration remains in technical preview for selected customers.
Tazapay, Mesh, Toku and Kira are among the first to adopt Polygon OMS for cross-border business payments, account funding, global payroll and US dollar access, according to Polygon.Tazapay serves more than 1,000 enterprises and fintechs across more than 30 countries, Mesh is adding OMS on-ramps to a network of more than 300 wallets, exchanges and financial services, and Toku runs payroll in more than 100 countries.
The deal closed shortly after a regulatory action against Coinme. A consent order entered on Oct. 7 by Georgia and regulators in 31 other states, the District of Columbia and Puerto Rico requires Coinme to pay $2.5 million across 34 agencies and retain an independent consultant to review its Bank Secrecy Act and anti-money laundering program.The settlement also requires Coinme to wind down its Bitcoin ATM business by January 1, 2027.
The move marks a push by Polygon beyond blockchain scaling infrastructure and into regulated financial services, where licensing is often a prerequisite for serving businesses that move money across borders. Despite the announcement, POL fell 3.38%, according to CoinGape.
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