Regulators Greenlight Bullish's Entry Into New York's Tight-Knit Crypto Arena

Bullish, a global digital asset platform listed on the New York Stock Exchange (NYSE: BLSH), has received a key regulatory milestone by securing both a BitLicense and a Money Transmission License from the New York State Department of Financial Services (NYDFS). This development allows Bullish US Operations LLC to offer digital asset spot trading and custody services to institutions and advanced traders within New York State. The license, officially titled a “Virtual Currency Business Activity License,” is a significant achievement for the company, as it expands its regulatory footprint and underscores its commitment to institutional-grade digital asset services.

The BitLicense is widely regarded as one of the most stringent regulatory frameworks for cryptocurrency businesses in the U.S. Its approval indicates that Bullish has met New York’s high compliance standards, which are often seen as a benchmark for regulatory rigor in the industry. CEO Tom Farley, a of the New York Stock Exchange, emphasized the strategic importance of this milestone, noting New York’s leadership in virtual currency regulation and the city’s role as a financial hub. Farley’s background in traditional finance adds credibility to Bullish’s efforts to integrate digital assets into mainstream financial infrastructure.

Bullish’s expansion into New York is part of a broader U.S. growth strategy that includes building institutional-grade digital asset infrastructure in key global markets. The company’s regulatory approach aligns with its mission to provide secure and compliant services to institutional clients. In this context, the BitLicense not only enhances Bullish’s ability to compete in New York but also strengthens its position in the global market. As few companies have obtained this license since its introduction in 2015, the approval acts as a competitive advantage for Bullish.

The timing of the approval is also significant. Institutional interest in digital assets has grown steadily, driven by the need for regulated infrastructure to manage risk and ensure compliance. Bullish’s regulated services, which include spot trading and custody, are well positioned to meet this demand. The company’s custody services are designed to comply with the New York DFS’s guidance on custodial structures, which emphasizes the segregation of customer assets and clear disclosure of custodial terms. This aligns with the broader trend of regulatory clarity in the digital asset space, which has seen the U.S. government make strides toward creating a comprehensive framework for digital assets, including the passage of the GENIUS Act in July 2025.

Bullish’s entry into New York’s regulated digital asset market is expected to encourage further institutional adoption of crypto-related services. The company has stated that prospective customers, including institutions and advanced traders, can begin engaging with its services by contacting a Bullish relationship manager. This proactive outreach reflects Bullish’s commitment to expanding its institutional client base and contributing to the broader development of the digital asset ecosystem.

The approval also highlights the evolving regulatory landscape for digital assets in the U.S., particularly in New York. The NYDFS has maintained a forward-looking approach to virtual currency regulation, emphasizing innovation while ensuring consumer and institutional protection. Bullish’s compliance with these standards positions it as a trusted player in the space, aligning with its mission to provide institutional-grade infrastructure.