United States · Crypto
Bullish (GI) Limited
Bullish (GI) Limited is a private limited company incorporated in Gibraltar in April 2020. The Gibraltar Financial Services Commission (GFSC) licenses it as a Distributed Ledger Technology (DLT) provider under the Financial Services Act 2019, licence FSC1038FSA. It belongs to the group headed by Bullish, a Cayman Islands company whose shares have been listed on the New York Stock Exchange since August 2025. Under the Bullish brand, it offers professional and institutional clients crypto-asset spot trading, custody, margin lending and derivatives. Its affiliate Bullish (GI) Markets Ltd operates the Bullish Exchange, where the firm's customer orders are executed.
Licences and registrations
Held by Bullish (GI) Limited (LEI 254900NYNV3R8ASG1O69). 2 entries on 2 of the 22 tracked registers, retrieved 25 September 2026.
| Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry |
|---|---|---|---|---|---|---|---|---|
| MSB Registrant SearchFinCEN | —Money Transmitter / Remittance | Not published by the register | United States | Active | 2024-09-25 | — |
|
Search the register ↗ |
| Money Services Business RegistryFINTRAC | Foreign MSB (FMSB)Crypto-Asset Service Provider | C100000016 | Canada | Active | 2024-02-29 | Renews 2027-04-30 |
|
Search the register ↗ |
Trading names on the register: Bullish (FINTRAC-MSB)
- 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
Customers
Not published
Employees
Not published
Ownership
Group subsidiary
Bullish Global
Firm type
Crypto exchange or broker
Trades as Bullish
- Standing
- The firm was formerly named B1 (Gibraltar) Limited. It is active and trades under the Bullish brand.
- Ownership
- According to its LEI record, Bullish Global of the Cayman Islands is the firm's direct parent. Bullish Global is itself a subsidiary of Bullish, which is listed on the New York Stock Exchange.
- Direct parent
- Bullish Global ↗, Cayman Islands
- Ultimate owner
- Bullish, Cayman Islands
- Head office
- 2ab Leisure Island Business Centre, Ocean Village Promenade, GX11 1AA Gibraltar, Gibraltar (registered office: Suite 23, Portland House, Glacis Road, Gibraltar GX11 1AA)
- Company register
- Gibraltar company number 119714
- Incorporated
- 2 Apr 2020
- Former name
- B1 (Gibraltar) Limited
Online
- Websites & references
- bullish.com ↗
exchange.bullish.com ↗ trading platform (login and sign-up)
support.exchange.bullish.com ↗ help centre
docs.exchange.bullish.com ↗ API documentation
status.bullish.com ↗ status page
investors.bullish.com ↗ group investor relations - Official social accounts
- LinkedIn ↗ · X ↗ · Telegram ↗
- Apps
- App Store ↗ · Google Play ↗
Sources · 11 pages consulted
- fsc.gi/regulated-entity/bullish-gi-ltd-27248
- cdn.prod.website-files.com/67e428d18ac85216b5a9d0e4/6a3a7d07b9945c427cbafc9c_Bullish%20GI%20Exchange%20Terms%20of%20
- bullish.com/?r=0
- bullish.com/us/trust
- bullish.com/us/news-insights/bullish-receives-gibraltar-financial-services-commission-approval-to-off
- bullish.com/us/news-insights/bullish-to-acquire-equiniti-from-siris-in-4-2-billion-transaction-creati
- bullish.com/us/news-insights/bullish-group-appoints-chris-tyrer-as-president-of-bullish-exchange
- bullish.com/us/derivatives
- businesswire.com/news/home/20211130005576/en/Bullish-Goes-Live-With-Institutional-Customers-After-Obtainin
- cnbc.com/2025/08/13/crypto-exchange-bullish-more-than-doubles-in-nyse-debut-after-pricing-ipo-abov
- sec.gov/Archives/edgar/data/1872195/000110465925075896/tm2421409-23_f1a.htm
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
The GFSC licenses the firm as a DLT provider under the Financial Services Act 2019 (licence FSC1038FSA). The GFSC register also shows MiFID investment-service permissions and permission to operate a DLT trading and settlement system. The firm is registered with FinCEN as a money services business and with FINTRAC as a foreign money services business.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Gibraltar Financial Services Commission Gibraltar | DLT Provider licence (Financial Services Act 2019) | FSC1038FSA | In its own name | Active | fsc.gi ↗ |
| Gibraltar Financial Services Commission Gibraltar | Permitted MiFID activities under the Financial Services Act 2019: reception and transmission of orders, execution of orders on behalf of clients, dealing on own account | — | In its own name | Active | fsc.gi ↗ |
| Gibraltar Financial Services Commission Gibraltar | Operating a DLT trading and settlement system (Financial Services (Market Infrastructure) Regulations 2026) | — | In its own name | Active | fsc.gi ↗ |
| Financial Crimes Enforcement Network (FinCEN) United States | Money services business registration | 31000282338076 | In its own name | Active | cdn.prod.website-files.com ↗ |
| Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Canada | Foreign money services business registration (crypto-assets) | C100000016 | In its own name | Active | — |
| Securities and Futures Commission (Hong Kong) Hong Kong SAR China | Deemed licensed under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Hong Kong branch; licence not granted) | CE BTW125 | Exemption | Active | bullish.com ↗ |
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
- Safeguarding
- Segregated safeguarding accountsThe firm holds customers' fiat currency and digital assets as custodian and bare trustee in segregated omnibus accounts and wallets. These accounts and wallets are maintained by the firm or its sub-custodians.
- Crypto-asset custody
- Held by the firmThe firm holds customer digital assets in omnibus hot and cold wallets that it or its sub-custodians operate. The group describes the exchange as full reserve, with daily reconciliation of customer assets.
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
It offers crypto-asset spot trading, perpetual futures, dated futures and options, margin loans, an OTC clearing facility and custody. It says it serves only Professional Clients and Eligible Counterparties. The GFSC approved trading in tokenised securities in June 2026.
The Bullish group says its exchange serves customers in more than 50 jurisdictions. Customers of this entity in ten eligible US states may trade only BTC and ETH spot. Derivatives are not offered to residents of Hong Kong, the EU or the US.
- Sells to
- Financial institutions · Enterprises
- Serves customers in 2 countries
- United States · Canada
Leadership
Researched 29 Sep 2026 · Sources
- Chief executive
- Chris Tyrer President, Bullish exchange (GFSC Responsible Individual; board member)
- Chief financial officer
- Russell Eldridge Head of Finance, Head of Business Continuity, Head of Customer Care, Head of Trading, Head of Operations, Head of Client Assets Oversight
- Compliance / MLRO
- Julia Lippoth Head of Compliance
- Compliance / MLRO
- Sandra Lopez Castillo MLRO
- Executive
- George Gaffney Head of Technology, COO
- Executive
- Andrew Wynn Independent Non-Executive Director, Chair of Risk Committee
Recent events
Researched 29 Sep 2026 · Sources
-
Licence
The GFSC approved the Bullish group's plans to offer trading in issuer-sponsored tokenised securities to eligible non-US investors.
bullish.com ↗ -
Merger / acquisition
The group parent Bullish agreed to acquire the transfer agent Equiniti from Siris for USD 4.2 billion. Closing is expected in January 2027.
bullish.com ↗ -
Other
The group parent Bullish listed on the New York Stock Exchange under the ticker BLSH, raising about USD 1.1 billion.
cnbc.com ↗ -
Leadership
The Bullish group appointed Chris Tyrer President of Bullish Exchange. Rob Quinlivan, then CEO of Bullish (GI) Ltd, handed over leadership responsibilities to him.
bullish.com ↗ -
Licence
The firm's Hong Kong branch became deemed licensed with the SFC to operate a virtual asset trading platform from 1 June 2024.
bullish.com ↗
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. · FINTRAC-MSB
- C100000016
- BIC
- Holds no BIC in Swift’s directory
- How the LEI was matched
- Matched by Elucidate to GLEIF on name, country and address
- Market identifier code
- BUGI
- Elucidate firm ID
- ab5828389a0f
- Merged register entry
- 468c63d9c6fe · FINTRAC-MSB
Profile
- Type
- Crypto · Money service businessCrypto-asset service providers, virtual-asset trading platforms and stablecoin issuers. Taken from the licences on the tracked registers.
- Regulation
- AML registration onlyRegistered with an anti-money-laundering supervisor (FinCEN, FINTRAC, HMRC, AUSTRAC, Hong Kong Customs…) without a prudential licence.
- Main licence class
- Money Transmitter / Remittance
- Activities
- Money remittance
- Other money services
- Licensed in
- United States · North America
- Head office
- Gibraltar
- First registered
- 2024-09-25
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 Islands2549002Z0TS17BD5TJ42 ↗
The Bullish Global group has 2 institutions in the directory, in 2 countries: none holds a BIC.
Including Bullish Europe GmbH.
See the Bullish Global group →Group membership follows the accounting-consolidation relationships reported to GLEIF. It does not show ownership shares or control.
Addresses
- Address on the register
- 2Ab, 23 Ocean Village Promenade, 2nd Floor, Leisure Island Business Center, Ocean Village, GX111AA
- Country
- Gibraltar
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
- Does not fit the CBPR+ limits
- The address does not fit in the two address lines of 35 characters that CBPR+ allows next to a town and country.
- The address line repeats the town or postcode. Remove the repeat if your payment system rejects it.
The LEI record in GLEIF holds a structured legal address.
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.
Market identifiers
One trading venue or reporting service run under this LEI
| MIC | Market | Kind | Category |
|---|---|---|---|
| BUGI | BULLISHBGI | Operating MIC | Crypto-asset service provider |
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 →Registers for this page
- MSB Registrant Search—Financial Crimes Enforcement Network (FinCEN) · source ↗ as at 24 September 2026
- Money Services Business Registry—Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) · source ↗ 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) is an independent score of the financial crime risk of banks and payment institutions.
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