Digital asset platform Bullish announced on October 1, 2025, the launch of its spot trading services in the United States. The platform is now available in 20 states, including New York.
The company stated that it is targeting institutional and advanced traders with its entry after securing both a BitLicense and a Money Transmission License from the New York State Department of Financial Services (NYDFS), a regulated entry into the US market.
The NYDFS license places Bullish among a limited group of exchanges approved to operate in New York, a state with one of the most stringent regulatory regimes. Alongside licensing, the company named Nonco and BitGo as initial launch partners.
Bullish has also pursued regulated products internationally, partnering with Société Générale-Forge to launch Europe’s first MiCA-licensed stablecoin.
The U.S. rollout follows Bullish’s global operations, where it reports more than $1.5 trillion in cumulative trading volume since late 2021 and a position among the top ten exchanges for Bitcoin (BTC) and Ethereum (ETH) trading activity.
Hybrid liquidity model and zero maker fees
Bullish combines a central limit order book (CLOB) with an Automated Market Maker (AMM), a design the company says is intended to support deeper liquidity and execution for larger trades. As part of its rollout, the platform is offering zero percent maker fees, a structure intended to appeal to institutional market participants and liquidity providers.
Chris Tyrer, President of Bullish Exchange, said the platform was designed with professional traders in mind: “Our U.S. launch introduces a platform that we believe combines institutional-grade liquidity, cutting-edge technology, and cost efficiency to empower institutions and, for the first time, advanced individual traders.”
Launch partners also highlighted the regulatory aspect of the entry. Jeffrey Howard, Head of North America at Nonco, described the move as “a meaningful step forward for institutional adoption,” while BitGo CEO Mike Belshe said the approvals “mark an important milestone for compliant digital asset innovation in the United States.”
The entry of a regulated exchange with a zero-maker-fee model could influence pricing strategies across the U.S. market, where trading fees remain a source of competition. The launch also adds another venue for institutions seeking regulated access to digital asset trading.
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