What happened?
Crypto exchange Bullish has secured a BitLicense from New York’s financial regulator, allowing it to unlock institutional trading in America’s financial capital. The company received both the Virtual Currency Business Activity License and Money Transmission License from NYDFS, which allows the exchange to serve institutions and advanced traders across New York State. This builds upon Bullish’s recent successes, including a $1.15 billion record IPO through blockchain-based stablecoins and a MiCAR license with Germany’s BaFin for operations in the European Union.
Who does this affect?
This change primarily affects institutions and advanced traders in New York State. They can now avail of Bullish’s services, including spot trading and custody services. The company’s operations now span across the United States, European Union, Hong Kong, and Gibraltar. Existing and prospective institutional customers can get in touch with Bullish relationship managers to start the onboarding process.
Why does this matter?
This development matters as it indicates a positive shift in regulatory frameworks for blockchain companies, which could potentially draw more such firms back to U.S. operations. It also allows Bullish to tap into institutional demand for regulated crypto services using resources from its August IPO debut. This could ultimately position America as a global digital asset hub, attracting more blockchain firms and influencing market conditions favorably.