Galaxy Digital has received a BitLicense and Money Transmission License from the New York State Department of Financial Services, allowing its GalaxyOne Prime NY unit to offer regulated digital-asset services to institutional clients across the state.
The company said the approval will give New York-based institutions, including registered investment advisers, hedge funds and family offices, access to its trading and custody services through the newly licensed entity.
New York approval deepens Galaxy’s regulated push
The approval gives Galaxy a direct route into one of the most tightly supervised crypto markets in the United States, where firms must secure state authorization to conduct virtual-currency business activity involving New York or its residents.
The BitLicense covers virtual-currency activity, while the money transmission license supports services involving fiat transfers, giving Galaxy a broader regulatory base for institutional trading and custody operations in the state.
New York has long been viewed as a difficult but important market for crypto firms because of its stricter licensing process, making the approval a notable expansion of Galaxy’s U.S. compliance footprint.
Move follows Nasdaq listing, GalaxyOne launch
The license comes after a series of major Galaxy milestones, including its May 2025 Nasdaq debut under the ticker GLXY, which expanded the company’s presence in U.S. public markets after years of trading in Canada.
Galaxy later launched GalaxyOne, a wealth platform aimed at bringing cash, crypto, equities and yield products into one app for U.S. investors.
The company also partnered with Superstate in 2025 to allow stockholders to tokenize and hold GLXY shares on Solana, describing the move as the first issuer-backed tokenization of SEC-registered public company shares on a major blockchain.
For New York’s institutional crypto users, the approval could broaden access to regulated trading and custody services while showing how digital-asset investing is moving deeper into supervised channels, where compliance approvals are becoming central to how firms build trust and attract client flows.
Galaxy Enters the BitLicense Club
Galaxy’s New York approval puts it alongside other crypto firms that have cleared the state’s strict licensing process, including Coinbase, Paxos, Robinhood Crypto, bitFlyer and Cash App.
For Galaxy, the license creates another regulated path to compete for institutional clients in a market where custody controls, money-transfer permissions and regular oversight carry significant weight.