Digital asset platform and infrastructure provider Bullish has announced that it has obtained regulatory approval to scale its operations in the US.
The New York State Department of Financial Services (NYDFS) has granted Bullish’s US branch, Bullish US Operations LLC, two licences, including a BitLicense and a Money Transmission Licence. With these approvals, the company can now provide institutional clients with cryptocurrency spot trading and custody services in New York.
Licensing crypto companies
To obtain a BitLicense, crypto companies need to go through a lengthy review process, with the approval only being granted to a limited number of firms since its introduction in 2015. In addition to Bullish, two other companies have recently received the licence, including MoonPay and a subsidiary of crypto bank Anchorage Digital. Besides the time required to be spent on achieving the BitLicense, companies also need to pay a USD 5,000 application fee. However, the actual cost of securing it is substantially higher. Crypto companies spend more than that amount while also being subject to capital requirements, determined by NYDFS.
Furthermore, to secure a Money Transmitter Licence, companies must meet several requirements set out by the NYDFS. These include submitting a detailed application, providing financial statements, undergoing background checks, and demonstrating compliance with AML and KYC regulations.
Bullish’s IPO and expansion strategy
Shortly before this announcement, Bullish confirmed that it had received USD 1.15 billion from its recent initial public offering (IPO), with the proceeds being provided in stablecoins. Finalised on 14 August 2025, the transaction marked the first time an IPO in the US had been settled on this scale, leveraging blockchain-based tokens. At that time, the majority of stablecoins were issued on the Solana blockchain, while Jefferies served as a billing and delivery agent, overseeing the minting, conversion, and transfer of the tokens in coordination with issuers and financial platforms across the US, Europe, and Asia.
