Bullish secures New York BitLicense as it eyes US launch

Bullish, a leading digital asset infrastructure provider, has obtained a critical regulatory green light from the New York State Department of Financial Services (NYDFS) as it looks to make its entry in the United States market.

The approval, which Bullish announced on September 17, 2025, marks a pivotal step toward Bullish’s full-scale entry into a market seen as massive for crypto adoption.

It also comes a few weeks after Bullish completed its initial public offering.

What does BitLicense approval mean?

The BitLicense is a cornerstone of New York’s framework for digital asset regulation, first introduced in 2015 to safeguard consumers and foster innovation. 

Notably, Bullish US operations have been granted both the BitLicense and a complementary Money Transmission License.

As far as regulation goes, this will enable the exchange platform to legally offer spot trading and custody services for cryptocurrencies to institutional clients and advanced traders within the state. 

This dual authorization positions Bullish among an elite cadre of compliant operators.

It joins established players like Gemini and Paxos, and signals a broader thaw in US crypto scrutiny.

Entry in the US comes at a time when regulators like the Securities and Exchange Commission have recently taken steps to support innovation and growth.

NYDFS’s rigorous vetting process validates Bullish’s infrastructure, potentially accelerating partnerships with hedge funds, asset managers, and banks eager to integrate digital assets without regulatory friction. 

Industry observers note that this license could unlock billions in untapped volume.

Reason? New York represents a nexus of traditional finance, with over 40% of global hedge fund assets managed within the jurisdiction.

Bullish’s vision for US expansion

At the helm of this expansion is Thomas Farley, Bullish’s CEO and former President of the New York Stock Exchange, whose Wall Street pedigree lends unparalleled credibility to the venture.

In a statement accompanying the announcement, Farley emphasized the milestone’s gravity: 

“New York is widely recognized as being at the forefront of virtual currency regulation. Receiving our BitLicense and Money Transmission License from the New York Department of Financial Services is a testament to Bullish’s commitment to regulatory compliance and our dedication to building trusted, institutional-grade digital asset infrastructure in key global markets,” said Tom Farley, CEO of Bullish.

“As a former President of the New York Stock Exchange and a proud New Yorker, I look forward to Bullish’s contribution to the city’s thriving financial ecosystem,” Farley added.

Bullish has pursued a deliberate growth trajectory.

Its quest to expand its trading services with the BitLicense not only facilitates immediate service rollout in New York, but also paves the way for nationwide scaling.

The platform may leverage the pro-crypto environment to seek additional state licenses or federal approvals. 

Bullish has a digital asset vision that extends beyond trading. Its services include data analytics and compliance tools, all aimed at helping to bridge traditional and decentralized finance.

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