Bullish Secures BitLicense for U.S. Expansion
- Bullish US Operations LLC has received a BitLicense and a Money Transmission License from the NYDFS.
- The licenses enable Bullish to provide cryptocurrency spot trading and custody services to institutional clients in New York.
- Bullish’s IPO was priced at $37 per share, reaching a peak of $118, and currently trades around $54, with a market cap of approximately $7.5 billion.
- Only a limited number of companies have obtained a BitLicense since its introduction in 2015, with recent recipients including MoonPay and Anchorage Digital.
- New York City Mayor Eric Adams has suggested reevaluating the BitLicense program due to its high costs and regulatory challenges.
The approval of the BitLicense marks a significant step for Bullish as it aims to solidify its presence in the U.S., one of the most regulated markets for cryptocurrencies. This move comes amid ongoing discussions about the viability and competitiveness of New York’s crypto regulations.
With Bullish now able to offer services under its new licenses, it positions itself favorably against other firms navigating regulatory hurdles in New York’s complex landscape.(Source)
