--- title: "Bullish Europe GmbH · Payment institution (Federal Financial Supervisory Authority) · Germany | Elucidate" description: "Bullish Europe GmbH is authorised by Federal Financial Supervisory Authority as a payment institution in Germany. Licence 162355. LEI 2549008CBASK5Q680X12. Register status, licences, activities and ownership." url: https://elucidate.co/directory/bullish-europe-gmbh-a2608dc5996d --- 1. [Directory](https://elucidate.co/directory) 2. [Germany](https://elucidate.co/directory/country/de) 3. Bullish Europe GmbH Germany · Payments & e-money # Bullish Europe GmbH Bullish Europe GmbH is a German limited liability company based in Frankfurt am Main. The Federal Financial Supervisory Authority (BaFin) authorises it as a crypto-asset service provider under MiCAR. BaFin also authorises it as a payment institution under the German Payment Services Supervision Act (ZAG) for services involving e-money tokens. It belongs to the Bullish group, which is listed on the New York Stock Exchange. It offers spot crypto-asset trading, order execution and custody to professional and institutional clients. Register status Licensed in Germany Payment institution · Federal Financial Supervisory Authority Prudential licence [2 licences and registrations ↓](https://elucidate.co/directory/bullish-europe-gmbh-a2608dc5996d#licences) BIC **No BIC** LEI **[2549008CBASK5Q680X12](https://search.gleif.org/#/record/2549008CBASK5Q680X12)** [Licence no. **162355**](https://elucidate.co/directory/bullish-europe-gmbh-a2608dc5996d#licences) [Group: Bullish Global](https://elucidate.co/directory/group/2549002Z0TS17BD5TJ42) ## Licences and registrations Held by Bullish Europe GmbH (LEI 2549008CBASK5Q680X12). 2 entries on 2 of the 22 tracked registers, retrieved 25 September 2026. | Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [EBA PSD2 Register](https://elucidate.co/directory/register/eba-psd2) Federal Financial Supervisory Authority | Payment institutionPayment Institution | 162355 | [Germany](https://elucidate.co/directory/country/de) | Active | 2026-03-04 | — | - Payment services | [Search the register ↗](https://euclid.eba.europa.eu/register/pir/search) | | [ESMA interim MiCA register of crypto-asset service providers](https://elucidate.co/directory/register/esma-casp) Federal Financial Supervisory Authority (BaFin) | Crypto-asset service providerCrypto-Asset Service Provider | 2549008CBASK5Q680X12 | [Germany](https://elucidate.co/directory/country/de) | Active | 2025-09-04 | — | - Crypto-assets | [Search the register ↗](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica) | - Each licence applies in the country of the regulator that granted it. - Registers are tracked in 37 countries. Licences granted elsewhere are not recorded here. ## Swift network Swift’s ISO 9362 BIC directory Holds no BIC in Swift’s directory. Its LEI is not mapped to a BIC in the Swift and GLEIF BIC-to-LEI relationship file. ## Overview Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/bullish-europe-gmbh-a2608dc5996d#overview-sources) Customers Not published Employees Not published Ownership Group subsidiary Bullish Global Firm type Crypto exchange or broker Trades as Bullish - **Standing:** The firm used to be called Bullish DE Custody GmbH. It now trades as Bullish Europe GmbH from Goetheplatz 9-11 in Frankfurt am Main. - **Ownership:** Its LEI record names Bullish Global of the Cayman Islands as both its direct and its ultimate accounting parent. - **Direct parent:** [Bullish Global ↗](https://search.gleif.org/#/record/2549002Z0TS17BD5TJ42), Cayman Islands - **Head office:** Goetheplatz 9-11 (ONE Goetheplaza), 60313 Frankfurt am Main, Germany - **Company register:** Amtsgericht Frankfurt am Main HRB 128487 - **Incorporated:** 31 May 2022 - **Former name:** Bullish DE Custody GmbH ### Online - **Websites & references:** [bullish.com ↗](https://www.bullish.com/eu) [bullish.com/home-de ↗](https://bullish.com/home-de/) website filed with the regulator (did not load when fetched) [exchange.bullish.com ↗](https://exchange.bullish.com/) trading platform and client login [docs.exchange.bullish.com ↗](https://docs.exchange.bullish.com/) API documentation [status.bullish.com ↗](https://status.bullish.com/) status page [support.exchange.bullish.com ↗](https://support.exchange.bullish.com/) help centre - **Official social accounts:** [LinkedIn ↗](https://linkedin.com/company/bebullish) · [X ↗](https://twitter.com/Bullish) · [Telegram ↗](https://t.me/+iwER1DCT8hQ1Nzll) - **Apps:** [App Store ↗](https://apps.apple.com/app/bullish-buy-bitcoin-crypto/id6740187901) · [Google Play ↗](https://play.google.com/store/apps/details?id=com.bullish.app) Sources · 13 pages consulted 1. [bullish.com/eu](https://www.bullish.com/eu) 2. [bullish.com/us/trust](https://www.bullish.com/us/trust) 3. [bullish.com/us/legal-eu](https://www.bullish.com/us/legal-eu) 4. [cdn.prod.website-files.com/67e428d18ac85216b5a9d0e4/6a4cb687847c9a9924530f7f\_Bullish%20EU%20Terms%20of%20Service.pdf](https://cdn.prod.website-files.com/67e428d18ac85216b5a9d0e4/6a4cb687847c9a9924530f7f_Bullish%20EU%20Terms%20of%20Service.pdf) 5. [cdn.prod.website-files.com/67e428d18ac85216b5a9d0e4/6a4e08e1f4c179c6df8be0f4\_20260708\_BEU-Imprint.docx.pdf](https://cdn.prod.website-files.com/67e428d18ac85216b5a9d0e4/6a4e08e1f4c179c6df8be0f4_20260708_BEU-Imprint.docx.pdf) 6. [amf-france.org/en/warnings/white-lists/daspcasp/bullish-europe-gmbh](https://www.amf-france.org/en/warnings/white-lists/daspcasp/bullish-europe-gmbh) 7. [bullish.com/us/news-insights/bullish-completes-micar-license-uplift-with-germanys-bafin-for-digital-a](https://www.bullish.com/us/news-insights/bullish-completes-micar-license-uplift-with-germanys-bafin-for-digital-asset-trading-and-custody-services-across-the-european-union) 8. [investors.bullish.com/news/news-details/2025/Bullish-secures-licenses-in-Germany-expanding-regulatory-footprint](https://investors.bullish.com/news/news-details/2025/Bullish-secures-licenses-in-Germany-expanding-regulatory-footprint-in-Europe-01-08-2025/default.aspx) 9. [bullish.com/us/news-insights/bullish-secures-licenses-in-germany-expanding-regulatory-footprint-in-eu](https://www.bullish.com/us/news-insights/bullish-secures-licenses-in-germany-expanding-regulatory-footprint-in-europe) 10. [ypog.law/en/press/ypog-advises-bullish-europe-gmbh-on-obtaining-payment-institution-authorization-](https://www.ypog.law/en/press/ypog-advises-bullish-europe-gmbh-on-obtaining-payment-institution-authorization-under-zag/psd2) 11. [lei.bloomberg.com/leis/view/2549008CBASK5Q680X12](https://lei.bloomberg.com/leis/view/2549008CBASK5Q680X12) 12. [assets.marketing.bullish.com/files/2025/03/17105933/20250317\_BEU-Imprint.docx.pdf](https://assets.marketing.bullish.com/files/2025/03/17105933/20250317_BEU-Imprint.docx.pdf) 13. [finance.yahoo.com/news/crypto-exchange-bullishs-european-arm-110438137.html](https://finance.yahoo.com/news/crypto-exchange-bullishs-european-arm-110438137.html) ## Authorisation Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/bullish-europe-gmbh-a2608dc5996d#overview-sources) - **Operates under:** Its own licences BaFin authorises the firm as a crypto-asset service provider under MiCAR and as a payment institution under the ZAG. The firm says it also holds a qualified crypto custodian licence under the German Banking Act (KWG). Its MiCAR authorisation covers five services: custody, exchange of crypto-assets for funds, exchange of crypto-assets for other crypto-assets, order execution and transfer services. The authorisation is passported within the EEA, and the AMF confirms this for France. | Authority | Licence or registration | Number | Held | Status | Source | | --- | --- | --- | --- | --- | --- | | Federal Financial Supervisory Authority (BaFin) Germany | Crypto-asset service provider under MiCAR (custody and administration, exchange for funds, exchange for other crypto-assets, execution of orders, transfer services) | 10162355 | In its own name | Active | [cdn.prod.website-files.com ↗](https://cdn.prod.website-files.com/67e428d18ac85216b5a9d0e4/6a4cb687847c9a9924530f7f_Bullish%20EU%20Terms%20of%20Service.pdf) | | Federal Financial Supervisory Authority (BaFin) Germany | Payment institution (Zahlungsinstitut) under the ZAG, for payment services involving e-money tokens | 162355 | In its own name | Active | [cdn.prod.website-files.com ↗](https://cdn.prod.website-files.com/67e428d18ac85216b5a9d0e4/6a4cb687847c9a9924530f7f_Bullish%20EU%20Terms%20of%20Service.pdf) | | Federal Financial Supervisory Authority (BaFin) Germany | Qualified crypto custodian (qualifizierter Kryptoverwahrer) under the KWG | 10162355 | In its own name | Active | [bullish.com ↗](https://www.bullish.com/us/trust) | Licences and registrations the research found, at home and abroad, as the firm and its regulators publish them. The Licences and registrations card shows the entries on the registers the directory tracks. ## Partners and safeguarding Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/bullish-europe-gmbh-a2608dc5996d#overview-sources) - **Safeguarding:** Segregated safeguarding accountsThe firm says client fiat money sits in segregated accounts in its name at banks licensed in the EEA. It says client crypto-assets are held in omnibus wallets kept apart from its own and its affiliates' assets. [cdn.prod.website-files.com ↗](https://cdn.prod.website-files.com/67e428d18ac85216b5a9d0e4/6a4cb687847c9a9924530f7f_Bullish%20EU%20Terms%20of%20Service.pdf) - **Crypto-asset custody:** MixedThe firm holds client crypto-assets in omnibus hot and cold wallets, and says most are kept in cold wallets. The wallets are run with third-party custody-as-a-service providers, which may include BitGo Europe GmbH and Fireblocks Inc. The firm says it holds most of the keys or key shards needed to sign transactions. [cdn.prod.website-files.com ↗](https://cdn.prod.website-files.com/67e428d18ac85216b5a9d0e4/6a4cb687847c9a9924530f7f_Bullish%20EU%20Terms%20of%20Service.pdf) - **Crypto custodian:** BitGo Europe GmbH Germany [cdn.prod.website-files.com ↗](https://cdn.prod.website-files.com/67e428d18ac85216b5a9d0e4/6a4cb687847c9a9924530f7f_Bullish%20EU%20Terms%20of%20Service.pdf) Banks and regulated firms the firm says hold its customers’ money, issue its cards, sponsor its accounts or settle its payments, as it discloses them in its terms and notices. ## Products and markets Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/bullish-europe-gmbh-a2608dc5996d#overview-sources) - Crypto trading - Crypto custody - Crypto on- and off-ramp - Crypto payments It offers spot trading, execution and custody of crypto-assets to clients who qualify as professional clients under MiFID. Under its ZAG authorisation it also transfers and holds e-money tokens. It is the counterparty to every client order and places matching orders in its own name, mainly on the Bullish Exchange run by Bullish (GI) Ltd in Gibraltar. It serves clients from Germany and passports its MiCAR authorisation to other EEA states. France's Autorité des marchés financiers (AMF) lists it as providing services there from 4 September 2025. - **Sells to:** Financial institutions · Enterprises · Other - **Serves customers in 2 countries:** Germany · France ## Leadership Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/bullish-europe-gmbh-a2608dc5996d#overview-sources) - **Chief executive:** Marco Bodewein Managing Director (Geschäftsführer) Confirmed 29 Sep 2026 · [bullish.com ↗](https://www.bullish.com/eu) - **Executive:** Marcus Rietsch Managing Director Confirmed 29 Sep 2026 · [bullish.com ↗](https://www.bullish.com/eu) ## Recent events Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/bullish-europe-gmbh-a2608dc5996d#overview-sources) 1. Mar 2026 Licence BaFin authorised the firm as a payment institution under the ZAG for payment services involving e-money tokens. [ypog.law ↗](https://www.ypog.law/en/press/ypog-advises-bullish-europe-gmbh-on-obtaining-payment-institution-authorization-under-zag/psd2) 2. Sep 2025 Licence BaFin authorised the firm as a crypto-asset service provider under MiCAR. The AMF then listed it as providing services in France. [bullish.com ↗](https://www.bullish.com/us/news-insights/bullish-completes-micar-license-uplift-with-germanys-bafin-for-digital-asset-trading-and-custody-services-across-the-european-union) 3. Aug 2025 Other The firm's parent group, Bullish, began trading on the New York Stock Exchange after its initial public offering. [finance.yahoo.com ↗](https://finance.yahoo.com/news/crypto-exchange-bullishs-european-arm-110438137.html) 4. Dec 2024 Licence BaFin granted the firm, then called Bullish DE Custody GmbH, licences for crypto custody, proprietary trading and principal brokerage. [investors.bullish.com ↗](https://investors.bullish.com/news/news-details/2025/Bullish-secures-licenses-in-Germany-expanding-regulatory-footprint-in-Europe-01-08-2025/default.aspx) 5. Dec 2024 Leadership The group appointed Marco Bodewein as Managing Director of the German business. The appointment was announced in January 2025. [bullish.com ↗](https://www.bullish.com/us/news-insights/bullish-secures-licenses-in-germany-expanding-regulatory-footprint-in-europe) Compliance-relevant events of the last three years, newest first: fines and enforcement, investigations, security incidents, licence changes, funding rounds, acquisitions and leadership changes. Each links to its source. ## Identifiers - **Licence no. · EBA-PSD2:** 162355 - **Licence no. · ESMA-CASP:** 2549008CBASK5Q680X12 - **BIC:** Holds no BIC in Swift’s directory - **LEI:** [2549008CBASK5Q680X12 ↗](https://search.gleif.org/#/record/2549008CBASK5Q680X12) - **How the LEI was matched:** Published by the register - **Elucidate firm ID:** a2608dc5996d ## Profile - **Type:** Payments & e-money · Crypto - **Regulation:** Prudential licence - **Main licence class:** Payment Institution - **Activities:** - Payment services - Crypto-assets - **Licensed in:** [Germany](https://elucidate.co/directory/country/de) · Europe & Central Asia - **First registered:** 2025-09-04 - **Website:** [bullish.com/home-de ↗](https://bullish.com/home-de/) Types come from Swift’s BIC classification, the licences on the 22 tracked registers, and the ECB and FSB bank lists. Most banks outside the euro area appear as financial institutions, because their supervisors’ registers are not tracked yet. ## Ownership and group GLEIF relationship records - **Direct parent:** Bullish Global · Cayman Islands[2549002Z0TS17BD5TJ42 ↗](https://search.gleif.org/#/record/2549002Z0TS17BD5TJ42) The Bullish Global group has 2 institutions in the directory, in 2 countries: none holds a BIC. Including [Bullish (GI) Limited](https://elucidate.co/directory/bullish-gi-limited-ab5828389a0f). [See the Bullish Global group →](https://elucidate.co/directory/group/2549002Z0TS17BD5TJ42) Group membership follows the accounting-consolidation relationships reported to GLEIF. It does not show ownership shares or control. ## Addresses - **Address on the register:** Goetheplatz 9 - 11 (ONE Goetheplaza) | 60313 Frankfurt, Frankfurt, 60313 - **Country:** Germany ## ISO 20022 identification As an agent in a Swift cross-border payment message (CBPR+) This institution holds no BIC. A CBPR+ message identifies it by name and postal address, and may add its LEI or a clearing code. - **Identified by:** Name and postal address, with its LEI - **Postal address:** Hybrid: town, postcode and country in their own elements, the rest in two address lines ```xml 2549008CBASK5Q680X12 Bullish Europe GmbH 60313 Frankfurt DE Goetheplatz 9 - 11 (ONE Goetheplaza) | 60313 Frankfurt ``` - The address line repeats the town or postcode. Remove the repeat if your payment system rejects it. CBPR+ identifies the instructing and instructed agents by BIC only. An institution without a BIC can be the debtor, creditor or an intermediary agent. The values are as published by the register. Check them against your own records before use. ## Related institutions ### Same group - [Bullish (GI) Limited No BIC Crypto Money service business AML registration only United States · Registered with FinCEN (FINCEN-MSB) · also on FINTRAC-MSB · LEI 254900NYNV3R8ASG1O69](https://elucidate.co/directory/bullish-gi-limited-ab5828389a0f) [All 2 institutions in the Bullish Global group →](https://elucidate.co/directory/group/2549002Z0TS17BD5TJ42) ### Other payments & e-money institutions in Germany - [Voeb-Zvd Processing GMBH BIC VZVDDED1 Payments & e-money Prudential licence Germany · Licensed by Federal Financial Supervisory Authority · 123960 (EBA-PSD2) · LEI 529900XGDXLEX5L16R90](https://elucidate.co/directory/voeb-zvd-processing-gmbh-vzvdded1) - [Boerse Stuttgart Digital Custody GmbH No BIC Payments & e-money Crypto Prudential licence Germany · Licensed by Federal Financial Supervisory Authority · 157207 (EBA-PSD2) · also on ESMA-CASP · LEI 529900RC04FR9EHUT228](https://elucidate.co/directory/boerse-stuttgart-digital-custody-gmbh-fd1f366c6402) - [Reisebank AG BIC RBAGDEF1 Payments & e-money Prudential licence Germany · Licensed by Federal Financial Supervisory Authority · 108643 (EBA-PSD2) · LEI 529900CMFR5GQHWTXY51](https://elucidate.co/directory/reisebank-ag-rbagdef1) - [Tangany GmbH No BIC Payments & e-money Crypto Prudential licence Germany · Licensed by Federal Financial Supervisory Authority · 157349 (EBA-PSD2) · also on ESMA-CASP · LEI 529900WKXS5ZPJY9W498](https://elucidate.co/directory/tangany-gmbh-fe7a312a5cfb) - [AGw Allgemeine Geldwechsel Förster GmbH Wechselstube am Steindamm No BIC Payments & e-money Prudential licence Germany · Licensed by Federal Financial Supervisory Authority · 110140 (EBA-PSD2) · LEI 529900O3RKSCO36SCH80](https://elucidate.co/directory/agw-allgemeine-geldwechsel-forster-gmbh-wechselstube-am-steindamm-fa1df98445cc) - [Aifinyo Payments GMBH BIC AIPGDE82 Payments & e-money Prudential licence Germany · Licensed by Federal Financial Supervisory Authority · 156864 (EBA-PSD2) · LEI 894500F7TW6DGUZCZZ87](https://elucidate.co/directory/aifinyo-payments-gmbh-aipgde82) - [AirPlus International GmbH No BIC Payments & e-money Prudential licence Germany · Licensed by Federal Financial Supervisory Authority · 119736 (EBA-PSD2) · No LEI mapped](https://elucidate.co/directory/airplus-international-gmbh-1514a814a1b4) - [ALD AutoLeasing D GmbH No BIC Payments & e-money Prudential licence Germany · Licensed by Federal Financial Supervisory Authority · 121934 (EBA-PSD2) · LEI 529900HW63U529ZZK761](https://elucidate.co/directory/ald-autoleasing-d-gmbh-2c7e70f618a0) [See all →](https://elucidate.co/directory/search?type=payments&cc=DE) [Other entries on EBA-PSD2 →](https://elucidate.co/directory/register/eba-psd2) Sources & method Register entries come from the public registers of financial regulators, standardised into one taxonomy. LEIs are matched through GLEIF, and a BIC is linked only through a shared LEI. An institution missing from these registers is not necessarily unregulated. Register entries are not matched against the OFAC or EU sanctions lists. Where the legal entity also holds a BIC, the matches for that BIC are on its page. Always screen against the official lists. An institution is one entry in the directory: a BIC8 in Swift’s directory, or a firm on a tracked register that holds no BIC. Licences held by an institution with a BIC are shown on its page. [Read the methodology →](https://elucidate.co/directory/methodology) Registers for this page - **EBA PSD2 Register**—European Banking Authority (EBA) · [source ↗](https://euclid.eba.europa.eu/register/pir/search) as at 25 September 2026 - **ESMA interim MiCA register of crypto-asset service providers**—European Securities and Markets Authority (ESMA) · [source ↗](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica) as at 25 September 2026 - **Ownership and group**—GLEIF Level 2 relationship records (accounting consolidation), matched by LEI. - **Overview, authorisation, partners, products, leadership and events**—researched per institution by an AI model with web search, from the firm's own website, terms and filings, regulators' registers and notices, company registers and news. Licences, partners, figures, people and events link to their source, and each card shows the research date. AI research can be wrong or out of date, so check key facts at the source. ## Assess the financial crime risk behind a licence A licence records what an institution is authorised to do; it does not assess it. The [Elucidate FinCrime Index (EFI)](https://elucidate.co/ratings) is an independent score of the financial crime risk of banks and payment institutions. [Book a demo](https://elucidate.co/demo-request) Licence and registration data are drawn from the public registers of the regulators named on each page and shown for information only; the official register is always the authority. LEIs and ownership are from GLEIF. Directory and gpi data are drawn from SWIFT's public sources. SWIFT, Swift gpi and UETR are trademarks of S.W.I.F.T. SC, Avenue Adèle 1, 1310 La Hulpe, Belgium. Elucidate is not affiliated with, endorsed by or sponsored by SWIFT or any regulator named here. Elucidate does not provide payment or other financial services.