Galaxy Digital Granted New York BitLicense and Money Transmitter License

Galaxy Digital, a financial services firm focused on digital assets, has secured a BitLicense and a Money Transmitter License from the New York State Department of Financial Services. The approval, granted to its subsidiary GalaxyOne Prime NY, authorizes the firm to offer regulated trading and custody services to institutional clients across the state.

The licenses provide direct access to New York’s market, which Galaxy founder and CEO Mike Novogratz described as containing the deepest pool of institutional capital in the country. He stated that digital assets are no longer sitting at the edge of those allocations and that Galaxy was built to meet that demand. The firm now manages roughly $9 billion in client assets and holds more than 50 regulatory approvals globally.

Introduced in 2015, New York’s BitLicense framework is widely regarded as one of the most demanding state-level regulatory regimes for cryptocurrency businesses. It requires firms to meet strict standards covering anti-money laundering programs, know-your-customer procedures, cybersecurity protocols, consumer protections, and capital reserves. The licensing process is known to be lengthy and costly, with...