Polygon Labs announced on October 14, 2026 that it has completed its Coinme acquisition. Open Money Stack is now a U.S.-regulated payments platform with coverage across 48 states1. Sandeep Nailwal, founder of the Polygon Foundation, posted the news that afternoon3. The CryptoLately.com Desk checked each figure against Polygon's blog, The Block's report and Nailwal's post on X.
What the 48 states rest on
Polygon's blog splits the figure in two. The count holds 37 state money transmitter licenses plus 11 applicable exemptions1. Coinme is also registered with FinCEN as a money services business. The Block reports the same split2. Eleven states therefore rest on exemptions. Polygon's post leaves every state unnamed. That includes the 2 states outside the count.
Polygon's 48 states on Oct. 14, 2026: 37 licenses and 11 exemptions
State coverage of Open Money Stack after the Coinme deal closed, by basis
- State licenses: 37 states
- Exemptions: 11 states
Sources: Polygon Labs [1]; The Block [2].
Read the chart as a table
| Item | Value |
|---|---|
| State licenses | 37 states |
| Exemptions | 11 states |
Polygon describes Open Money Stack in three steps1. Dollars come in through banks, cards or cash deposits. Value moves onchain. Funds then reach people who can use them. The first four customers are named. Tazapay handles cross-border business payments, Mesh handles account funding, Toku runs global payroll and Kira gives access to U.S. dollars. Nailwal's post tags Mesh by its handle, @Meshpay3. The Block adds that the unified integration is in technical preview for select customers2. Polygon's post says the platform is live today.
Both sides, in their own words
Do 37 licenses make a platform regulated in 48 states?
“We’ve spent years building the infrastructure to move money onchain. Today, we have more of the infrastructure, licenses, technology and distribution to make that happen”
“This settlement reinforces that those obligations apply across the financial services landscape, regardless of the technology or business model involved”
Terms and timing
Polygon Labs signed the deal for Coinme and Sequence on January 13, 2026, at more than $250 million. Marc Boiron Replaces Ryan Wyatt and Moves Polygon Labs Into Payments covers that agreement. The press release made the Coinme close subject to customary regulatory approvals, due in the second quarter of 20264. That quarter ended June 30. The announcement came 106 days later1. Polygon's October post and The Block leave the closing date open. October 14 marks the announcement2.
Price held. The Block restates more than $250 million for Coinme and Sequence together2. Coinme's own price remains unpublished. In January, Fortune reported that CoinDesk had put the Coinme purchase at $100 million to $125 million. Marc Boiron, chief executive of Polygon Labs, disputed that report7.
Neil Bergquist led Coinme as chief executive at the January signing4. The October pages skip Coinme's current leadership. Who runs the unit today is unconfirmed.
The case for
Nailwal framed the close as a finished build. “We’ve spent years building the infrastructure to move money onchain. Today, we have more of the infrastructure, licenses, technology and distribution to make that happen,” he wrote3. His list ends with distribution. Four named customers arrived with the announcement1. He also called Polygon "a fully regulated payments company".
The case for scrutiny
Six days earlier, Illinois and 33 other state agencies settled with Coinme for $2.5 million. The charges were Bank Secrecy Act and anti-money laundering violations. Coinme agreed to end its kiosk operations by January 1, 2027. If it misses that date, it owes an extra $4 million56. Francisco Menchaca is Director of Financial Institutions at the Illinois Department of Financial and Professional Regulation. He said: “This settlement reinforces that those obligations apply across the financial services landscape, regardless of the technology or business model involved”. Coinme must also hire an independent consultant. That consultant reports to the states within six months. The open question is simple. Does a regulator's finding match a company's label for itself?
Polygon closed Coinme on Oct. 14, 2026, six days after a $2.5 million settlement
Dated steps in Polygon Labs' purchase of Coinme, through the kiosk deadline
Read the chart as a table
| Date | Event |
|---|---|
| Jan. 13, 2026 | Deal signed at over $250 million. For Coinme and Sequence together |
| Oct. 8, 2026 | $2.5 million state settlement. Illinois and 33 other state agencies |
| Oct. 14, 2026 | Polygon closes the deal |
| Jan. 1, 2027 | Coinme kiosk deadline |
What to watch
Three dated items will settle it. Coinme's kiosk deadline falls on January 1, 20275. The consultant's report is due within six months of October 8. Polygon could publish the list of the 11 exempt states and a closing date. Open Money Stack leaving technical preview would show how many customers run the unified integration2.
Sources
- Polygon Labs, "Polygon Open Money Stack is now a U.S.-regulated payments platform with completion of Coinme acquisition," Polygon Labs, October 14, 2026, https://polygon.technology/blog/polygon-open-money-stack-us-regulated-payments-platform
- Brian Danga, "Polygon Labs completes Coinme acquisition, bringing regulated payments coverage across 48 US states," The Block, October 14, 2026, https://www.theblock.co/news/business/2026-10-14-polygon-labs-completes-coinme-acquisition-bringing-regulated-payments-coverage-across-48-us-states-418518
- Sandeep Nailwal, "Big day for Polygon! Polygon is now a fully regulated payments company.," X, October 14, 2026, https://x.com/sandeepnailwal/status/2110402307712286943
- Polygon Labs, "Polygon Labs Inks Deal to Acquire Coinme, Sequence for $250M+ to Expand Into U.S. Licensed Stablecoin Payments," PR Newswire, January 13, 2026, https://www.prnewswire.com/news-releases/polygon-labs-inks-deal-to-acquire-coinme-sequence-for-250m-to-expand-into-us-licensed-stablecoin-payments-302660006.html
- Illinois Department of Financial and Professional Regulation, "IDFPR Joins $2.5 Million Settlement with Crypto Kiosk Operator," October 8, 2026, https://idfpr.illinois.gov/content/dam/soi/en/web/idfpr/news/2026/2026-10-8-idfpr-joins-settlement-with-crypto-kiosk-op.pdf
- ICBA, "State regulators reach settlement with crypto kiosk operator," ICBA, October 9, 2026, https://www.icba.org/w/state-regulators-reach-settlement-with-crypto-kiosk-operator
- Ben Weiss, "Polygon Labs buys two crypto startups for $250 million as it looks to compete with Stripe," Fortune, January 13, 2026, https://www.fortune.com/2026/01/13/polygon-labs-acquisition-coinme-sequence-stablecoin-strategy