Bullish’s BitLicense Could Expand Institutional Bitcoin Trading to 20 US States

• Bullish launched in 20 US states with NY BitLicense approval.

• Offers 0% maker fees for institutions and 0% trading fees for advanced individual accounts in approved states.

• Claims $1.5 trillion handled globally since 2021; BLSH shares fell 4.4% to $60.80 on the news.

Primary keyword: Bullish launches in 20 US states — Read how to access regulated trading now. Start trading today.

Bullish’s regulated crypto trading is now available in 20 US states after the New York State Department of Financial Services granted a BitLicense and a money transmission license.

Published: 2025-10-02 | Updated: 2025-10-02 | Author: COINOTAG

What is Bullish’s expansion into 20 US states?

Bullish’s expansion into 20 US states means the institutionally-focused exchange can now offer regulated spot trading and custody services across major markets after securing a BitLicense and a money transmission license from the New York regulator. The rollout targets hedge funds, market makers, fintechs and advanced traders.

How did Bullish secure regulatory approval in New York?

Bullish obtained a BitLicense and money transmission license from the New York State Department of Financial Services, a process viewed as stringent and regulatory-intensive. A BitLicense authorizes virtual currency transmission, custody and issuance in New York and is widely recognized as one of the strictest state-level crypto authorizations.

Bullish opened trading to two institutional clients on day one: crypto infrastructure provider BitGo and brokerage Nonco, the company said. The platform combines a central limit order book with a deterministic automated market maker to deliver deep liquidity and efficient execution, according to Bullish president Chris Tyrer.

Source: Bullish

Which states can access Bullish now?

Approved US states include California, Florida, Arizona, Washington, DC and New York, plus Arkansas, Colorado, Delaware, Hawaii, Indiana, Michigan, Missouri, Montana, New Hampshire, New Mexico, Utah, Virginia, West Virginia, Wyoming and Puerto Rico.

What fees and account types does Bullish offer in the US?

Bullish is offering 0% maker fees for institutional accounts and 0% trading fees for advanced individual accounts in the 20 approved states. The fee structure is positioned to attract institutional flow and sophisticated retail traders seeking lower execution costs.

How large is Bullish’s historic trading footprint?

Bullish reports it has processed roughly $1.5 trillion in trading volume internationally since launching in late 2021. It states it ranks among the top ten exchanges by Bitcoin and Ether trading volume globally, despite only now entering broad U.S. markets.

“Bullish was created for institutions, and now we’re proud to offer the same level of performance to serious traders across the US,” Bullish said in a statement attributed to company leadership.

What was the market reaction to the US launch?

Bullish (BLSH) shares declined 4.4% to $60.80 on Wednesday, according to plain text market data from Google Finance. The stock remains more than 60% above its $37 IPO price from mid-August, with an approximate market capitalization of $9 billion on the same data.

BLSH’s change in share price on Wednesday. Source: Google Finance

Why institutional players are being targeted?

Bullish’s product design—central limit order book plus deterministic AMM—aims to deliver predictable liquidity and tight spreads for large orders. The U.S. regulatory approval opens opportunities to onboard hedge funds, prop trading firms, market makers, fintechs and neobanks that require licensed custody and trading services.

Frequently Asked Questions

Is Bullish fully regulated to operate in the US?

Yes. Bullish received a New York BitLicense and a money transmission license which enable it to offer regulated virtual currency transmission and custody services in New York and support expansion into other states where it is licensed.

How can institutional clients access Bullish?

Institutions can apply for institutional accounts through Bullish’s onboarding process; the platform has already enabled access for BitGo and Nonco as initial institutional users in the US rollout.

Will retail traders in non-approved states be able to use Bullish?

Not immediately. Trading access is limited to the 20 approved US states and Puerto Rico; Bullish intends to expand coverage as it secures additional state-level authorizations.

Key Takeaways

• Regulatory milestone: Bullish received a NY BitLicense and money transmission license, enabling US operations.
• Product offering: 0% maker fees for institutions and 0% trading fees for advanced U.S. individuals in approved states.
• Market scale: Bullish reports $1.5 trillion handled since 2021 and remains a top-ten exchange by BTC/ETH volume.

Conclusion

Bullish’s US launch represents a major regulatory and commercial step, making its institutional-grade trading and low-fee structure available across 20 states. Market participants should evaluate custody, fees and liquidity before onboarding; expect further state approvals and product rollouts in the coming months.