Bullish has announced that it has secured operational licenses from the state regulators of New York, opening doors for its expansion in the U.S. As per Bullish’s announcement, the New York State Department of Financial Services (NYDFS) has granted it a BitLicense and Money Transmission License — cementing its services in the region.
With this license, the NYDFS has officially allowed Bullish to provide spot crypto trading and custody service to institutional clients in the state.
“Securing the New York BitLicense is a significant regulatory milestone for our growth in the U.S. and also signals our credibility to operate within the financial capital of the world,” said Chris Tyrer, President of Bullish Exchange.
Introduced in 2015, BitLincense was put in place by the NYDFS to legitimize crypto-related businesses in the state. It entails a number of compliance and consumer protection rules for crypto players to adhere to.
With this development, Bullish is looking to become an integral part of New York state’s financial ecosystem.
The progress for Bullish comes roughly a month after it went public on the New York Stock Exchange (NYSE) and claimed that $1.15 billion from its IPO proceeds were stablecoins. As per Reuters, the valuation of Bullish rose to $13.16 billion after its shares more than doubled in their NYSE debut.
Tom Farley, the founder of Bullish, previously served as a former NYSE President. Commenting on the development, Farley said, “New York is widely recognized as being at the forefront of virtual currency regulation,” and that moving forward the company wishes to build “institutional-grade digital asset infrastructure in key global markets.”
Along with the U.S., Bullish also claims to have secured necessary registrations in Hong Kong, Gibraltar, and the European Union.