AstroPay is committed to keeping your money safe. This article explains how we protect your funds, the regulations we follow, and why we use safeguarding instead of a compensation scheme.
How AstroPay is regulated
AstroPay Global (IOM) Limited is licensed and regulated by the Isle of Man Financial Services Authority as a money transfer and electronic money (e-money) provider. As part of our regulatory obligations, we must protect customer money using the safeguarding method.
What is safeguarding?
Safeguarding means your money is held in a dedicated safeguarding account, separate from AstroPay's operational funds:
Segregated funds: Your money is fully separated from the company's money.
No commercial use: AstroPay cannot use your money to pay expenses, debts, or any other purpose.
Identified accounts: Safeguarding accounts are clearly labeled as customer funds accounts.
Licensed banks: The banks holding these accounts meet strict criteria set by us and the regulator.
What does this mean in practice?
In the unlikely event that AstroPay becomes insolvent, the funds in safeguarding accounts are protected and returned to you. These funds are legally separated and cannot be used by creditors.
Is my money protected by a compensation scheme?
No. AstroPay is not a bank and does not offer deposit accounts. As a result, your funds are not covered by the Isle of Man Depositors' Compensation Scheme. What protects your money is the safeguarding practices described above, which are legally required for electronic money institutions.
Other ways we protect your account
Beyond safeguarding, we use robust technologies to protect your AstroPay account:
Strict identity validation.
Biometric login.
Real-time fraud monitoring.
Full data encryption.
These layers of protection — regulatory safeguarding and account security — work together to keep your money safe at all times.