Crypto Exchange Bullish Secures New York BitLicense, Can Now Serve US Institutions

Crypto exchange Bullish has just secured a BitLicense from New York’s financial regulator to unlock institutional trading in America’s financial capital.

According to a recent announcement, the company received both the Virtual Currency Business Activity License and Money Transmission License from NYDFS, which will allow the exchange to serve institutions and advanced traders across New York State.

“New York is widely recognized as being at the forefront of virtual currency regulation,” said Tom Farley, CEO of Bullish and former President of the New York Stock Exchange.

This regulatory breakthrough builds on Bullish’s recent $1.15 billion record IPO entirely through blockchain-based stablecoins and its MiCAR license uplift with Germany’s BaFin for European Union operations.

1/2 We are proud to announce that Bullish has been granted a BitLicense and Money Transmission License by the New York State Department of Financial Services (NYDFS).

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Bullish’s licensing breakthrough builds on its recent regulatory and capital market successes across multiple jurisdictions, with operations now spanning the United States, European Union, Hong Kong, and Gibraltar.

The BitLicense approval will enable the company to tap into institutional demand for regulated crypto services using resources from its August IPO debut on the New York Stock Exchange under ticker BLSH.

In August, Bullish became the first U.S.-listed company to raise over $1 billion entirely in stablecoins, with backing from billionaire Peter Thiel and settlements processed across multiple blockchain networks, including Solana.

Earlier this month, the company also completed its MiCAR license uplift through German regulator BaFin, which provides the foundation for serving institutional clients across the 27-member European Union.

The company’s Frankfurt-based European headquarters puts it under ongoing supervision by BaFin, a regulator trusted by institutional investors and major financial authorities globally.

“We believe that clear regulation drives responsible market evolution and institutional engagement,” said Chris Tyrer, President of Bullish Exchange.

Supporting this institutional focus, prospective institutional customers and advanced traders in New York State can now contact Bullish relationship managers to begin the onboarding process for spot trading and custody services.

The exchange operates a high-performance central limit order book matching engine integrated with automated market making to provide institutional-grade liquidity.

Beyond its trading platform, Bullish’s broader ecosystem includes CoinDesk Indices for digital asset benchmarking, CoinDesk Data for market analytics, and CoinDesk Insights for media and events.

Bullish’s New York license positions the exchange within a broader wave of blockchain companies establishing or returning to U.S. operations as regulatory frameworks solidify.

Recent data shows over 5,000 blockchain firms now operate in the United States, with more expected as the Trump administration seeks to position America as a global digital asset hub.

Just last week, prediction market Polymarket is targeting a $10 billion valuation as it prepares to relaunch U.S. operations after securing CFTC clearance through its acquisition of Florida-based derivatives exchange QCX.

Similarly, the TON Foundation is establishing a U.S. hub as part of its global expansion beyond Telegram’s reach, while Netherlands-based Deribit and London’s Wintermute have also entered American markets.

“The signal from US capital markets is unmistakable: institutional demand and clearer rules are well underway,” a Nexo spokesperson previously told Cryptonews as the crypto lending platform announced its return to the U.S. market.

SEC Chair Paul Atkins has recently called on the U.S. to “reshore the crypto businesses that fled,” while Treasury Secretary Scott Bessent declared America has entered the “golden age of crypto.”

However, the competitive landscape has intensified as crypto companies rush IPO timelines to capitalize on favorable market conditions, with Wall Street banks revealing a $15 billion pipeline before September.

Crypto companies rush IPO timeline as Wall Street banks reveal $15B pipeline before September, including @Gemini and @Figure.#Crypto #IPOhttps://t.co/42xbhECUoL

Industry giants like Gemini and Figure Technology Solutions are among the firms accelerating public offering preparations, following successful debuts by Circle Internet Group and Bullish itself.

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