Galaxy Digital said Monday that the New York State Department of Financial Services granted the firm a BitLicense and Money Transmission License, allowing it to offer digital asset services across the Empire State.
The approval specifically applies to GalaxyOne Prime NY, the Galaxy subsidiary that will provide trading and custody services to New York residents, institutions, and businesses.
"New York is home to the deepest pool of institutional capital in the country, and digital assets are no longer sitting at the edge of those allocations," Galaxy founder and CEO Mike Novogratz said in a statement. "Galaxy was built to meet that demand, and now we can better serve New York’s institutions directly."
Galaxy said the approval adds to its regulatory footprint of more than 50 licenses globally. It currently manages roughly $9 billion in client assets across its digital asset business.
The BitLicense was first introduced by NYDFS in 2015. It is considered one of the most rigorous state-level crypto frameworks in the U.S., requiring firms to meet strict standards in anti-money laundering, cybersecurity, and capital reserves.
