Bullish secures New York BitLicense, enabling U.S. spot trading and custody services, marking a major step in U.S. crypto expansion.
Bullish, a global cryptocurrency exchange, has achieved a major regulatory milestone in the United States. On September 17, 2025, the company revealed that it had received a BitLicense and Money Transmission License from New York State’s Department of Financial Services (NYDFS). These licenses enable Bullish to fully operate its digital asset trade and custody services to customers in New York State.
Bullish Cleared to Offer Spot Trading in New York
This move is a milestone in Bullish’s move into the U.S. crypto market. Until recently, New York had strict regulations that made it challenging for crypto companies to operate in the state. However, the BitLicense allows Bullish to join a select few regulated crypto exchanges in having the legal mandate to cater to both institutions and higher-level retail traders in one of the world’s largest financial hubs.
According to the company, the license – technically referred to as the Virtual Currency Business Activity License – will permit its US arm, Bullish US Operations LLC, to offer U.S. spot trading and secure custody services. This means that first, institutions in New York can now trade and store digital assets in Bullish’s platform with full regulatory support.
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Tom Farley, CEO of Bullish and former president of the New York Stock Exchange (NYSE), brought the good news: “New York has become widely known as a leader in virtual currency regulation,” he said. “Obtaining the BitLicense is a symbol of their firm belief in compliance. They are developing institutional-grade infrastructure that meets the highest regulatory standards.
Moreover, Chris Tyrer, President of Bullish Exchange, stressed the importance of regulatory clarity for sustained growth. This license enables their US expansion, and also demonstrates the willingness to serve in the world’s most-regulated financial markets, he said.
Bullish Gains Traction with IPO and BitLicense Milestones
Bullish’s development in New York comes as another major announcement for the platform earlier this year. In July 2025, the company went public with a Non-Dilutive Pro-Moratory (519) offering by auctioning $16 million in stock shares through an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). Bullish has submitted pain to list on New York Stock Exchange with the ticker sign “BLSH.” This is indicative of myriad maturing confidence over the future of regulated digital asset platforms.
The company also has a security of strong support. Kardano was introduced as a spin-off of Block One and has been invested in by some major organizations. That includes Thiel Capital, Nomura, Founders Fund, and Galaxy Digital, which is run by crypto investor Mike Novogratz. Bullish also holds CoinDesk, a major cryptocurrency news channel, which it acquired in 2023.
In summary, Bullish’s foray into the New York market signifies the company’s long-term plan to operate in fully regulated markets. With backing from the elite investors, an approach to IPO, and a lengthy list of licenses, Bullish is heading itself to become a trusted player in the digital asset industry. This recent approval could pave the way for more widespread institutional adoption for spot trading in the US (and other countries) as well.