Bullish Launches Spot Trading in 20 U.S. States
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.
Bullish targets institutional and advanced traders. The company secured a BitLicense and a Money Transmission License from the New York State Department of Financial Services (NYDFS). This approval allows Bullish to operate under strict regulatory standards in New York.
Nonco and BitGo are Bullish’s initial launch partners. The company has also partnered with Société Générale-Forge to launch Europe’s first MiCA-licensed stablecoin.
Bullish reports over $1.5 trillion in cumulative trading volume since late 2021. It ranks among the top ten exchanges for Bitcoin (BTC) and Ethereum (ETH) trading activity globally.
Hybrid Liquidity Model and Zero Maker Fees
Bullish uses a hybrid liquidity model combining a central limit order book (CLOB) with an Automated Market Maker (AMM). This design aims to provide deeper liquidity and better execution for large trades.
The platform offers zero percent maker fees to attract institutional traders and liquidity providers. Chris Tyrer, President of Bullish Exchange, said, “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.”
Regulatory Approval and Market Impact
Jeffrey Howard, Head of North America at Nonco, called the launch “a meaningful step forward for institutional adoption.” BitGo CEO Mike Belshe said the approvals “mark an important milestone for compliant digital asset innovation in the United States.”
Bullish’s regulated status and zero-maker-fee model may influence trading fee structures in the U.S. market. The launch adds a new regulated venue for institutions seeking digital asset trading access.
