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yesterday

Bullish Wins New York BitLicense, Clearing Path to Serve Institutional Crypto Clients

The approval removes a key barrier to a 2026 U.S. rollout, bolstering its pitch to institutional clients.

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Crypto exchange Bullish goes public on the New York Stock Exchange. (Aoyon Ashraf/Modified by CoinDesk))
New york greenlights bullish with bitlicense and money transmitter nod
Bullish secures New York BitLicense from NYDFS for U.S. operations expansion

Overview

  • NYDFS granted Bullish US Operations LLC both a BitLicense and a Money Transmission License, authorizing regulated spot trading and custody for institutions and advanced traders in New York.
  • Bullish shares rose about 5% after the announcement, signaling investor confidence in the company’s U.S. growth prospects.
  • The company is planning a phased U.S. launch in 2026, and it is inviting prospective New York institutions and advanced traders to begin onboarding discussions.
  • Wall Street views the licensing as a key catalyst, with Bernstein projecting roughly 8% U.S. institutional spot market share by 2027 if Bullish executes its launch plan.
  • The milestone follows Bullish’s August NYSE debut that raised about $1.1–$1.15 billion largely in stablecoins, and the scarce BitLicense is widely seen as a rigorous test of compliance.