The company received both a coveted BitLicense and a money transmission license from the New York State Department of Financial Services (NYDFS), clearing the way for its long-awaited entry into the world’s largest financial market.
On its first day of operations, Bullish debuted spot trading with two major institutional clients—crypto infrastructure provider BitGo and digital asset brokerage Nonco. Among the largest regions where Bullish can now operate are California, Florida, Arizona, Washington, DC, and New York.
A BitLicense is widely regarded as one of the toughest approvals to obtain in the industry, as it is required to transmit, issue, or custody digital assets in the state of New York. This milestone marks a significant step for Bullish, which has been handling international trading volumes since 2021 but had not previously been licensed to serve US-based clients.
Strong Market Entry Amid Rising Institutional Demand
The expansion comes at a time of heightened momentum in the US regulatory landscape. The Trump administration has been signaling stronger support for institutional adoption of digital assets, prompting established players like Binance, Coinbase, and Stripe to roll out crypto-as-a-service products and stablecoin offerings aimed at professional clients.
Since its global launch in late 2021, Bullish has processed around $1.5 trillion in trading volume. The company now ranks among the 10 largest exchanges globally by Bitcoin and Ether trading volume, according to its own figures. Its platform combines a central limit order book with a deterministic automated market maker—an approach designed to ensure deep liquidity and efficient trade execution.
“Bullish was created for institutions, and now we’re proud to offer the same level of performance to serious traders across the US,” said Chris Tyrer, president of Bullish.
Targeting Hedge Funds, Market Makers, and Fintechs
With its US launch, Bullish aims to attract a broad range of institutional players including hedge funds, proprietary trading firms, market makers, fintech startups, and neobanks. To remain competitive, the platform is offering 0% maker fees for institutional accounts and 0% trading fees for advanced individuals across its approved states.
In addition to its major markets, Bullish has also been cleared to operate in states such as Arkansas, Colorado, Delaware, Hawaii, Indiana, Michigan, Missouri, Montana, New Hampshire, New Mexico, Utah, Virginia, West Virginia, Wyoming, as well as Puerto Rico.
By bridging institutional-grade infrastructure with regulatory compliance, Bullish hopes to position itself as a trusted platform for US-based traders navigating the rapidly evolving digital asset landscape.
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