Crypto exchange Bullish has made a significant stride in the American financial market by securing a BitLicense from New York’s financial regulator. This regulatory approval from the New York State Department of Financial Services (NYDFS) will now allow Bullish to cater to institutional traders and advanced investors in New York State.
The company’s CEO, Tom Farley, who is also a former President of the New York Stock Exchange, expressed his excitement about this regulatory breakthrough. He highlighted New York’s leading role in virtual currency regulation, emphasizing the importance of this milestone for Bullish.
This recent development builds on Bullish’s successful $1.15 billion IPO conducted entirely through blockchain-based stablecoins. The exchange has been on a winning streak with regulatory approvals, including the MiCAR license uplift from Germany’s BaFin for operations across the European Union.
Bullish’s expansion into the U.S. market comes on the heels of its European regulatory wins and capital market successes. With operations now spanning the United States, European Union, Hong Kong, and Gibraltar, Bullish is well-positioned to tap into the growing institutional demand for regulated crypto services.
The approval of the BitLicense will enable Bullish to leverage its August IPO debut on the New York Stock Exchange to cater to institutional clients. The exchange became the first U.S.-listed company to raise over $1 billion entirely in stablecoins, garnering support from prominent investors like Peter Thiel.
In addition to its licensing breakthroughs, Bullish’s Frankfurt-based European headquarters under BaFin’s supervision provides a solid foundation for serving institutional clients across the EU. The company’s commitment to clear regulation and institutional engagement is evident in its strategic moves across different jurisdictions.
With Bullish now able to offer spot trading and custody services to institutional clients in New York State, the exchange is set to provide high-performance central limit order book matching engine for institutional-grade liquidity. Moreover, Bullish’s ecosystem includes CoinDesk Indices, CoinDesk Data, and CoinDesk Insights for comprehensive market analytics and media coverage.
The U.S. crypto market is attracting global firms as regulatory clarity emerges, with over 5,000 blockchain companies now operating in the country. Bullish’s New York license puts it in line with other firms returning to the U.S. market, such as Polymarket, TON Foundation, Deribit, and Wintermute.
As SEC Chair Paul Atkins and Treasury Secretary Scott Bessent advocate for reshoring crypto businesses to the U.S., the country is witnessing a surge in IPO activity among crypto companies. Industry giants like Gemini and Figure Technology Solutions are gearing up for public offerings, signaling a vibrant market for institutional crypto services.
In conclusion, Bullish’s regulatory wins and market expansion underscore the growing institutional demand for crypto services in the U.S. With a strong foothold in New York and Europe, Bullish is poised to capitalize on the evolving regulatory landscape and institutional interest in digital assets.