Crypto exchange Bullish secures regulatory approval to offer service in Hong Kong

Peter Thiel-backed crypto exchange Bullish has obtained licensing approval from the Hong Kong Securities and Futures Commission for its Hong Kong arm.

Bullish Global, the cryptocurrency exchange backed by Peter Thiel, has secured two licenses for its Hong Kong arm, allowing it to offer securities dealing and automated trading, along with approval to run a virtual asset trading platform in the city.

In a Feb. 19 blog announcement, the exchange said the approval lets it provide regulated digital asset services to eligible customers in Hong Kong.

Bullish chief executive Tom Farley says the license serves as a “testament to Bullish’s dedication to expanding our global footprint and continuation of our commitment to being the most trusted digital asset exchange.” Bullish HK will start by serving institutional and professional investors. The licensing follows Bullish’s regulatory approvals in Europe, including a license from Germany’s BaFin.

In the meantime, Bullish Global appears to be gearing up for an IPO as the U.S. market warms up to crypto again. The crypto firm is said to be working on going public in 2025 and is reportedly working with Jefferies Financial Group on the potential listing. However, talks are still ongoing and subject to change.

Brendan Blumer’s Block.one launched Bullish in 2021, backing the exchange with $10 billion in funding. Its capital includes both cash and crypto, starting with an initial injection of $100 million, 164,000 BTC, and 20 million EOS. Bullish later raised an additional $300 million through a strategic investment round.