Bullish secured a BitLicense and a Money Transmission License from the New York State Department of Financial Services, enabling Bullish to provide institutional cryptocurrency spot trading, custody and money transmission services in New York — a major regulatory milestone for its US expansion.
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Bullish gains regulatory clearance to offer institutional crypto trading and custody in New York.
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NYDFS approvals include a BitLicense and Money Transmission License granted to Bullish US Operations LLC.
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Market context: Bullish’s IPO and subsequent volatility follow this approval; BitLicense remains a stringent, costly regime.
Bullish BitLicense: Bullish secures NYDFS BitLicense and Money Transmission License to offer institutional crypto trading and custody in New York. Read impacts and next steps.
What is Bullish’s NYDFS approval and why does it matter?
Bullish NYDFS approval means Bullish US Operations LLC has received both a BitLicense and a Money Transmission License from the New York State Department of Financial Services, permitting the firm to conduct institutional cryptocurrency spot trading, custody and related money transmission activities in New York. This regulatory clearance removes a key obstacle for institutional market entry.
How will the BitLicense and Money Transmission License change Bullish’s US services?
The licenses formally authorize Bullish to offer institutional crypto custody and spot trading to clients in New York. The BitLicense regime enforces capital, compliance and reporting obligations; the Money Transmission License governs the transfer and custody of crypto assets. Together they enable onshore custody solutions and regulated trading for institutional counterparties.
Bullish, trading under the ticker symbol BLSH, has experienced volatility following its public debut. Source: Yahoo Finance
Why is the BitLicense considered a high bar?
BitLicense is widely regarded as one of the most exacting state-level crypto regulatory regimes in the United States. Introduced in 2015, it requires extensive compliance programs, capital requirements and supervisory engagement with the New York State Department of Financial Services (NYDFS). Only a relatively small number of firms have completed the process since inception.
Industry legal advisors note that while the BitLicense application fee is $5,000, the total cost of compliance is substantially higher due to legal, operational and capital requirements. Pillsbury Law partners Brian H. Montgomery and Johnna Purcell have documented the elevated time and resource commitments companies typically face.
Source: abrkn
When did Bullish obtain these approvals and what is the immediate market context?
Bullish announced on the date of publication that Bullish US Operations LLC received the NYDFS BitLicense and Money Transmission License. The approvals follow Bullish’s recent public debut on the New York Stock Exchange and its brief surge to an approximately $13 billion valuation at open. Current market data shows the stock trading with notable volatility since the IPO.
Frequently Asked Questions
Does the BitLicense allow Bullish to custody customer funds in New York?
Yes. The BitLicense authorizes regulated custody services under NYDFS oversight, permitting Bullish to hold and safeguard institutional client crypto assets in New York under required capital and compliance standards.
How many companies have received a BitLicense?
Only a few dozen companies have been granted a BitLicense since 2015. The regime’s complexity and cost have limited the number of recipients.
What are the next operational steps for Bullish in New York?
Following NYDFS approval, Bullish can onboard institutional clients in New York for spot trading and custody, subject to internal risk, AML and KYC controls. The firm must maintain ongoing reporting and capital compliance as required by NYDFS.
Key Takeaways
- Regulatory milestone: Bullish secured both a BitLicense and a Money Transmission License from NYDFS, enabling onshore institutional trading and custody.
- Operational impact: Licenses impose ongoing capital and compliance obligations but open access to New York institutional clients.
- Market context: Approval follows Bullish’s public debut and occurs amid industry debate over the BitLicense’s cost and competitiveness.
Conclusion
Bullish’s dual NYDFS approvals mark a significant expansion of the company’s regulated US footprint and enable institutional crypto spot trading and custody in New York. While BitLicense compliance imposes substantial obligations, this clearance enhances Bullish’s ability to serve institutional clients under a recognized regulatory framework. Watch for onboarding timelines and NYDFS supervisory updates.
Published: 2025-09-17 · Updated: 2025-09-17 · Author: COINOTAG
