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%Cryptocurrency exchange %Bullish (NYSE: $BLSH ) has received regulatory approval to expand its operations in the U.S.

The company, which went public in mid-August of this year, has secured a BitLicense from the New York State Department of Financial Services (NYDFS).

This is an important regulatory approval that allows Bullish to offer spot crypto trading and custody services to customers in New York State.

The New York BitLicense, also known as a Virtual Currency Business Activity License, is widely viewed as one of the most rigorous state-level crypto approvals in the U.S.

Bullish can now offer trading and related services to institutional investors and advanced traders in the financial capital of New York City, home to Wall Street.

Bullish is one of three publicly traded cryptocurrency exchanges in the U.S. along with %Coinbase Global (NASDAQ: $COIN ) and %Gemini (NASDAQ: $GEMI ), which also just went public.

Multiple cryptocurrency businesses have gone public under the Trump administration's more crypto-friendly regulatory environment, including %Stablecoin issuer Circle Internet Group (CRCL).

Bullish's crypto exchange is now regulated and permitted to operate in the U.S., Germany, Hong Kong and Gibraltar.

Analysts have said achieving a BitLicense in New York could serve as a catalyst for BLSH stock given that the exchange now has access to U.S. institutional clients.

The stock of Bullish has declined 25% since its initial public offering (IPO) and is currently trading at $51.36 U.S. per share.