Bullish, a pioneering digital asset exchange, has gained critical regulatory approval from the New York State Department of Financial Services (NYDFS) as part of its bold entry into the United States market. The announcement, made on September 17, 2025, marks a pivotal moment in Bullish’s growth, positioning the company as a rising force in cryptocurrency adoption in the US.
What is the NYDFS BitLicense?
Introduced in 2015, the NYDFS BitLicense is a foundational framework for regulating digital assets in the state of New York. Designed to ensure consumer protection, innovation, and stability, obtaining a BitLicense is a rigorous achievement for any crypto platform. In addition to the BitLicense, Bullish was also issued a Money Transmission License, empowering the company to provide spot trading and custody services for cryptocurrencies in New York.
Why This Matters for Cryptocurrency Growth
The dual authorization from NYDFS positions Bullish among the ranks of elite crypto operators like Gemini and Paxos, signaling a significant shift in the regulatory environment for digital assets in the US. With heightened scrutiny from federal agencies such as the SEC, this approval underscores Bullish’s commitment to compliance and reliable infrastructure. The license could unlock billions in untapped crypto trading volume, as New York serves as a financial nucleus managing nearly 40% of global hedge fund assets.
Leading the Charge: Thomas Farley
Thomas Farley, the CEO of Bullish and former President of the New York Stock Exchange, brings unparalleled credibility to the company’s US launch. In his statement, Farley expressed the importance of this achievement: “New York is widely recognized as being at the forefront of virtual currency regulation. Receiving our BitLicense and Money Transmission License from the NYDFS 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.”
What’s Next for Bullish?
The newly issued licenses allow Bullish to immediately roll out trading services in New York, with plans for nationwide expansion in the near future. The company is expected to leverage the pro-crypto regulatory landscape to pursue additional approvals across other states. Bullish’s services extend beyond trading—offering data analytics and compliance tools designed to bridge the gap between traditional and decentralized finance.
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Bullish’s expansion in the US marks a new chapter not just for the platform but for the cryptocurrency market as a whole. With a robust infrastructure and strong leadership, Bullish is poised to bridge the traditional and decentralized financial worlds, paving the way for the future of digital assets.
