Bullish, the NYSE-listed digital asset platform, has just scored a major regulatory win. 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) a green light that allows the company to legally offer crypto trading and custody services to institutional clients in one of the world’s toughest regulatory environments.
A Rare Approval in a Strict Market
Getting approved under New York’s BitLicense regime is no small feat. The framework requires detailed financial disclosures, strict compliance processes, and robust cybersecurity standards, along with heavy capital requirements and supervisory costs. For years, many firms have either abandoned plans to operate in New York or avoided applying altogether.
Now, Bullish joins a short list of approved entities that includes names like Moonpay (licensed in June) and Anchorage Digital (approved last year).
“Securing the New York BitLicense is a significant regulatory milestone for our growth in the U.S. and also signals our credibility to operate within the financial capital of the world,” said Chris Tyrer, President of Bullish Exchange.
The approval comes just weeks after Bullish’s blockbuster IPO, which raised $1.1 billion and valued the firm at $5.4 billion. Shares jumped nearly 6% after the news, with another 2% added after hours.
BitLicense Debate Heats Up
While NYDFS continues to enforce its high bar for entry, not everyone is convinced the program should remain. New York City Mayor Eric Adams, speaking at the Bitcoin 2025 conference, argued the state should drop the BitLicense altogether “to have the free flow of Bitcoin” in the city. He’s also suggested setting up a digital advisory council to help shape future policy.
