Bullish, through its U.S. arm Bullish US Operations LLC, has been granted both a BitLicense and a Money Transmission License by the New York State Department of Financial Services (NYDFS). The approvals allow the firm to offer spot crypto trading and custodial services to institutions based in New York.
This regulatory milestone comes just a month after Bullish’s NYSE debut, which raised $1.1 billion in a blockbuster IPO, valuing the company at $5.4 billion. Following the announcement, Bullish shares rose nearly 6% during regular trading and added another 2% in after-hours trading, according to Google Finance.
BitLicense: A key regulatory hurdle
New York is known for having one of the strictest regulatory environments for cryptocurrency in the U.S. Obtaining a BitLicense requires an extensive review, including detailed financial disclosures, rigorous compliance standards, and robust cybersecurity protocols. Beyond the application, firms must also meet capital requirements and supervisory obligations, which can significantly increase operational costs.
“Securing the New York BitLicense is a significant regulatory milestone for our growth in the U.S. and signals our credibility to operate within the financial capital of the world,” said Chris Tyrer, President of Bullish Exchange.
Historically, the stringent regime has prompted some crypto firms to withdraw from or delay entry into New York. With only a few dozen firms ever approved, Bullish now joins an exclusive list, including Moonpay, which received its license in June, and Anchorage Digital, a federally chartered digital asset bank approved late last year.
There have been growing calls to ease the NYDFS’s strict licensing requirements. New York City Mayor Eric Adams has advocated for reform, even suggesting the BitLicense program be eliminated to allow the “free flow of Bitcoin” in the city. He has also proposed the creation of a digital advisory council to guide policy decisions.
