Galaxy Digital wins New York BitLicense for digital asset services
Galaxy Digital is expanding its regulated crypto operations in New York after securing approval to offer digital asset services in the state. The authorization covers trading and custody through its GalaxyOne Prime NY unit and broadens the firm's global licensing footprint beyond 50 approvals.
Highlights
- Galaxy Digital received a New York BitLicense and Money Transmission License, enabling digital asset services via its GalaxyOne Prime NY subsidiary statewide.
- The approval expands Galaxy Digital's regulatory presence to over 50 global licenses, with approximately $9 billion in client assets under management.
- Galaxy becomes only the second company in 2024 to secure a BitLicense, highlighting New York's continued stringent approach to crypto regulatory approvals.
New York approval expands service offering
As reported by The Block, Galaxy Digital said on Monday that the New York State Department of Financial Services grants the firm a BitLicense and Money Transmission License, allowing it to provide digital asset services across the state.The approval applies to GalaxyOne Prime NY, the company's subsidiary for trading and custody services aimed at New York residents, institutions, and businesses. In a statement, founder and CEO Mike Novogratz said New York holds the deepest pool of institutional capital in the country and that Galaxy is positioned to serve that demand more directly.
Galaxy said the latest approval increases its regulatory footprint to more than 50 licenses worldwide. The firm currently manages about $9 billion in client assets across its digital asset business.
Crypto licensing remains tightly controlled
The BitLicense framework, introduced by the NYDFS in 2015, is widely viewed as one of the toughest state-level crypto regulatory regimes in the U.S. It requires companies to meet strict standards on anti-money laundering, cybersecurity, and capital reserves.Galaxy is the second company this year to receive a BitLicense, after bitcoin payments firm Strike secured approval in March. In 2025, only two companies, MoonPay and Peter Thiel-backed Bullish, received the license, underscoring how selective New York remains in granting crypto operating approvals.
Our earlier article on a federal money laundering case detailed the sentencing of California man Mohammed Zohair Adi to 15 years in prison for laundering millions in drug proceeds and for giving false testimony in court. We noted how prosecutors said the scheme relied on corporate entities, bank accounts, and structured transactions to conceal funds, underscoring how aggressively U.S. authorities pursue anti-money-laundering violations.
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