Institutional crypto exchange Bullish secures BitLicense and money transmission approval, bringing its platform to major US markets.
Bullish Gains Regulatory Green Light
Crypto trading platform Bullish has officially launched services in 20 US states, marking a major milestone after receiving a coveted BitLicense and money transmission license from the New York State Department of Financial Services (NYDFS) last month.
The exchange debuted spot trading with BitGo and Nonco as its first institutional clients on launch day. The approval allows Bullish to operate in key states such as California, Florida, Arizona, Washington, DC, and New York, signaling a wider institutional foothold in the United States.
A BitLicense is one of the most difficult approvals to obtain in crypto regulation, required for firms transmitting, custodying, or issuing digital assets in New York.
Institutional Momentum in US Markets
Bullish’s entry comes at a time of rising regulatory clarity and institutional adoption. The Trump administration has been pushing initiatives to integrate digital assets more deeply into the US financial system.
“Bullish was designed for institutional-grade performance, and now we’re proud to bring that same level of infrastructure to advanced US traders,” said Chris Tyrer, president of Bullish.
The exchange has processed over $1.5 trillion in global trading volume since 2021, ranking among the top 10 exchanges by Bitcoin and Ether volume. Its hybrid model combines a central limit order book with an automated market maker (AMM) to provide liquidity and efficient execution.
Bullish is targeting hedge funds, proprietary trading firms, market makers, fintechs, and neobanks with low fees. The platform currently offers 0% maker fees for institutions and 0% trading fees for advanced retail traders in approved states.
Despite the regulatory win, Bullish shares (BLSH) fell 4.4% to $60.80 on Wednesday. Still, the stock remains up more than 60% from its $37 IPO in mid-August, giving the exchange a market capitalization of around $9 billion.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.