Bullish secures New York BitLicense from the NYDFS, paving way for U.S. launch

Rhea-AI Summary

Bullish (NYSE: BLSH), a global digital asset platform, has secured both a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS). This regulatory approval enables Bullish US Operations LLC to provide digital asset spot trading and custody services to institutions and advanced traders in New York State.

CEO Tom Farley, former President of the New York Stock Exchange, emphasized the significance of obtaining these licenses, highlighting New York's role as a leader in virtual currency regulation. Chris Tyrer, President of Bullish Exchange, noted that this milestone enhances their U.S. growth potential and demonstrates their ability to operate in the world's financial capital.

Positive

• Obtained prestigious New York BitLicense and Money Transmission License from NYDFS
• Enables expansion into New York's institutional digital asset market
• Strengthens regulatory credibility and compliance framework
• Opens access to one of the world's largest financial markets

Negative

• None.

Insights

Cryptocurrency Regulation Expert

Bullish's BitLicense approval represents a significant regulatory milestone enabling institutional crypto services in New York's key financial market.

Bullish (NYSE: BLSH) has achieved a major regulatory breakthrough by securing both a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS). This regulatory approval is particularly significant within the digital asset space for several reasons.

The BitLicense, formally a 'Virtual Currency Business Activity License,' is widely considered one of the most stringent regulatory frameworks for cryptocurrency businesses in the United States. New York's financial regulatory environment sets high compliance standards that often influence regulations elsewhere. By clearing this high bar, Bullish demonstrates substantial compliance capabilities and regulatory preparedness.

This approval specifically enables Bullish US Operations LLC to offer digital asset spot trading and custody services to institutions and advanced traders within New York State. The timing is strategic as institutional interest in regulated digital asset infrastructure continues to grow.

From a competitive standpoint, the BitLicense creates a significant barrier to entry in the New York market. Relatively few companies have successfully obtained this license since its introduction in 2015, positioning Bullish among a select group with permission to operate cryptocurrency services in this jurisdiction.

This regulatory achievement supports Bullish's broader U.S. expansion strategy and strengthens its position as it builds out institutional-grade infrastructure in key global markets. The leadership of Tom Farley, former NYSE President, adds further credibility to their institutional approach in traditional financial centers.

NEW YORK, Sept. 17, 2025 /PRNewswire/ -- Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced that its U.S. digital asset trading and custody business, Bullish US Operations LLC, has been granted a BitLicense and Money Transmission License by the New York State Department of Financial Services (NYDFS). The license, officially defined as a 'Virtual Currency Business Activity License' by the NYDFS, allows Bullish to provide institutions and advanced traders in New York State digital asset spot trading and custody services. This is another key step in the expansion of Bullish's global regulatory footprint.

"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."

"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. "We believe that clear regulation drives responsible market evolution and institutional engagement. We look forward to offering New York's institutions and advanced traders Bullish's regulated, high-performance digital asset services."

Prospective institutional customers and advanced traders in New York State and elsewhere in the U.S. who are eager to onboard are encouraged to get in touch with a Bullish relationship manager.

Media: media@bullish.com

About Bullish

Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services. These include: Bullish Exchange – a regulated and institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Exchange is regulated in the United States, European Union, Hong Kong, and Gibraltar. CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries. CoinDesk Data - a broad suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics. CoinDesk Insights – a digital asset media and events provider and operator of Coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. For more information, please visit bullish.com and follow LinkedIn and X.

Use of Websites to Distribute Material Company Information

We use the Bullish Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Sentences containing words such as "believe," "intend," "plan," "may," "expect," "should," "could," "anticipate," "estimate," "predict," "project," or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements and include, without limitation, statements relating to future events or Bullish's future financial or operating performance, business strategy, and potential market opportunity, including in the United States. Such forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Bullish, are inherently uncertain and are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause results to differ from those expressed in our forward-looking statements include, but are not limited, to our ability to grow our business and operations, including in new geographic locations, the costs or expenditures associated therewith, competition in our industry, and the evolving rules and regulations applicable to digital assets and our industry. You should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made, and Bullish undertakes no duty to update these forward-looking statements.

 

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SOURCE Bullish

FAQ

What licenses did Bullish (NYSE: BLSH) receive from New York regulators?

Bullish received a BitLicense (Virtual Currency Business Activity License) and Money Transmission License from the New York State Department of Financial Services (NYDFS).

What services can Bullish now offer in New York State?

Bullish can now provide digital asset spot trading and custody services to institutions and advanced traders in New York State.

Who is the CEO of Bullish (BLSH)?

Tom Farley is the CEO of Bullish, and he previously served as the President of the New York Stock Exchange.

Why is the New York BitLicense important for Bullish?

The BitLicense is important as it demonstrates Bullish's regulatory compliance, allows operation in the financial capital of the world, and enables expansion in the U.S. market.

How can institutions in New York start trading with Bullish?

Prospective institutional customers and advanced traders in New York can contact a Bullish relationship manager to begin the onboarding process.