Bullish has launched in 20 US states after securing a BitLicense and money transmission license

Bullish, the crypto trading platform designed for institutions, has begun operations in 20 US states after receiving a BitLicense and a money transmission license from the New York State Department of Financial Services in September.

On its first day of operations, Bullish began spot trading with two institutional clients: the digital asset brokerage Nonco and the digital asset trust and security firm BitGo, according to reports from October 1.

The platform is now accessible in major US markets, including California, Florida, Arizona, Washington, D.C., and New York.

Bullish expands its operation in 20 US states amid Trump’s crypto stance 

In New York, digital asset providers are required to obtain a BitLicense to transfer, hold, or issue virtual currency successfully. This license is recognized as one of the most challenging to obtain.

Concerning Bullish’s launch, several analysts have noted that this process aligns with the Trump administration’s strong push for crypto regulation, which aims to encourage institutional adoption of cryptocurrency in the country.

Major crypto players, such as Binance and Coinbase, as well as the online payment service Stripe, have begun providing crypto-as-a-service and stablecoin options for their US-based institutional clients to meet this demand.

Meanwhile, although it lacks a presence in the largest market to date, Bullish has handled around $1.5 trillion in trading volume worldwide since its launch in late 2021. Additionally, the platform claims to have secured a position among the top 10 crypto exchanges in terms of Bitcoin and Ether trading volume. 

The President of Bullish Exchange, Chris Tyrer, further noted that the platform employs a central limit order book strategy, combined with a fixed automated market maker. With this combination, Bullish can offer deep, stable liquidity and efficient trade execution. 

The platform aims to expand its presence by attracting more institutional participants, including hedge funds, proprietary trading companies, market makers, fintech firms, and neobanks. Bullish has adopted an enticing deal to appeal to these institutional participants, such as offering 0% maker fees for institutional accounts and  0% trading fees for advanced individual traders. This is only available in the 20 US states approved, as Bullish looks to expand soon.

In a statement, a spokesperson for the platform stated that Bullish was intended for institutions that express their commitment to providing the same top-notch performance to serious traders throughout the US.

Eric Adams refers to the BitLicensing regime as a barrier to innovation in the country 

New York City Mayor Eric Adams earlier criticized his state’s BitLicensing regime, claiming that it acted as a barrier to innovation and slowed down economic growth.

During a closing keynote interview at the London Crypto and Digital Assets Summit, Adams recommended that his state’s legislative counterparts in Albany hear from those in the industry. “It is about thinking not only outside the box, but on this one, we may have to destroy the box,” he said.

Adams is a vocal crypto supporter who ran for mayor, promising to transform New York City into a center of the cryptocurrency industry and accepting his first three paychecks in Bitcoin. During an interview, he described cryptocurrencies and blockchain technology as the next chapters in the future, urging that the opportunity should not be wasted.

New York State is the most stringent in requiring a license for crypto firms. According to New York City’s mayor, this is a high barrier, and it simply makes them less competitive, yet they need to remain competitive.

Get $50 free to trade crypto when you sign up to Bybit now