Crypto exchange Bullish has received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to operate in the city.
In a February 19 blog post, Bullish announced that its subsidiary, Bullish HK Markets Limited, has been granted Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses, along with approval to operate as a Virtual Asset Trading Platform. These licenses allow the exchange to offer regulated digital asset services to institutional and professional investors in Hong Kong.
“This milestone is a testament to Bullish’s dedication to expanding our global footprint and continuation of our commitment to being the most trusted digital asset exchange,”
said Tom Farley, Bullish CEO. He emphasized the importance of clear regulations in fostering trust in the digital asset industry.
Bullish’s regulatory approval in Hong Kong follows its recent licensing success in Germany under BaFin, strengthening its presence in European financial markets. The exchange has consistently prioritized working within regulatory frameworks as institutional interest in digital assets grows.
Meanwhile, speculation is mounting that Bullish Global is preparing for an initial public offering (IPO) in 2025. Bloomberg reported that the company is working with Jefferies Financial Group on a potential listing, though discussions remain ongoing.
Founded in 2021 by Brendan Blumer’s Block.one, Bullish launched with a $10 billion capital reserve, including $100 million in cash, 164,000 BTC, and 20 million EOS, later boosted by a $300 million strategic investment round.
Bullish’s approval coincides with reports that Hong Kong’s SFC will issue new cryptocurrency trading licenses by Q1 2025. Ye Zhiheng, Executive Director of the Intermediary Department, stated that the SFC completed inspections of nearly all 11 applicant platforms in 2024, though approval is not guaranteed as firms must comply with strict regulatory standards.
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