Bullish, a prominent cryptocurrency exchange, has achieved a significant regulatory milestone by securing one of the first licenses under the European Union's Markets in Crypto-Assets Regulation (MiCA). The approval was granted by Germany's Federal Financial Supervisory Authority (BaFin), known for its rigorous oversight, to Bullish's Frankfurt-based subsidiary.
This license allows Bullish to offer trading and custody services across all 27 EU member states without needing separate approvals in each jurisdiction, leveraging MiCA's 'passporting' regime that came into force in June. The regulation establishes bloc-wide standards for custody, consumer protection, trading, and disclosures, replacing fragmented national laws with a harmonized framework.
Bullish's approval follows a transformative period for the exchange, which raised approximately $1.1 billion in a New York Stock Exchange listing under the ticker 'BULL' in August. Backed by high-profile investors like Peter Thiel and Alan Howard, Bullish traces its roots to Block.one, the company behind the EOS token sale that raised $4 billion in 2017-2018. The exchange is now led by Tom Farley, former president of the NYSE, and expanded its footprint by acquiring crypto news outlet CoinDesk for an estimated $70-80 million in late 2023.
The MiCA license positions Bullish to capitalize on growing institutional demand for regulated crypto venues in Europe's largest economy and beyond. However, the exchange will face ongoing scrutiny from BaFin and the European Securities and Markets Authority (ESMA), which has warned against rubber-stamp approvals. Additional requirements for stablecoin services by March 2026 present further regulatory hurdles.