What happened?
Bullish officially launched crypto trading in 20 U.S. states after securing a New York BitLicense and money transmission license. It opened spot trading for institutional clients like BitGo and Nonco and is offering zero maker fees for institutions and free trading for advanced users. The exchange, which says it has processed over $1.5 trillion since 2021, is live in key markets including New York, California, and Florida.
Who does this affect?
Primarily institutional players—hedge funds, market makers, prop shops, fintech platforms, neobanks and custodians—who now have another regulated U.S. venue with deep liquidity and low fees. Advanced individual traders in the approved states also gain access, while established exchanges like Coinbase and Binance face stiffer competition for institutional flow. Shareholders and market watchers are paying attention too, after Bullish stock dipped on the news but remains well above its IPO level.
Why does this matter?
This matters because a regulated, well‑capitalized entrant offering zero maker fees and a hybrid matching model can grab institutional flow, pressure competitors’ fees, and tighten spreads across crypto markets. A BitLicense-backed U.S. launch also boosts regulatory legitimacy for crypto trading and could accelerate institutional adoption of on‑chain settlement and stablecoins. Overall, expect a reshuffling of trading volumes between venues, increased competition for order flow, and potential margin pressure on existing exchanges.