Galaxy Clears New York’s BitLicense Gate, Opens Institutional Trading and Custody Access Statewide

Galaxy announced on May 18 that the New York State Department of Financial Services granted GalaxyOne Prime NY a BitLicense and a Money Transmission License.

The dual approval authorizes Galaxy to offer regulated digital asset trading and custody services to institutions across New York State.

That means registered investment advisors, hedge funds, family offices, and other institutional allocators in the state now have a compliant onramp into Galaxy’s platform, which the firm says manages $9 billion in client assets.

Galaxy has received a BitLicense and Money Transmitter License from @NYDFS, authorizing us to serve institutional clients across New York State.

The deepest pool of institutional capital in the country now has direct access to our full trading and custody platform.…

— Galaxy (@galaxyhq) May 18, 2026

New York’s BitLicense has been one of the most difficult crypto regulatory approvals in the country since its creation.

Galaxy described the approval this way:

According to Galaxy: Galaxy announced on May 18 that the New York State Department of Financial Services granted GalaxyOne Prime NY, the Galaxy entity that will serve New York clients, both a BitLicense and a Money Transmission License. The company said the approval authorizes regulated digital asset services for institutions across New York State.

Galaxy also said New York now joins its regulatory footprint of more than 50 global licenses, and that registered investment advisors, hedge funds, family offices, and other institutions in the state can access its trading and custody services. The announcement tied those services to a digital asset business managing $9 billion in client assets and framed the approval as a practical access point for institutional capital in one of the country’s most important financial markets.

Galaxy announced the New York license approval on May 18, 2026. NYDFS granted GalaxyOne Prime NY a BitLicense and a Money Transmission License.

Galaxy said the licenses authorize regulated digital asset services for institutions across New York State. Galaxy said New York joins a regulatory footprint of more than 50 global licenses.

GalaxyOne Prime NY is the specific entity set up to serve New York clients under the new licenses.

Galaxy said the approval adds New York to a regulatory footprint spanning more than 50 global licenses.

According to CoinDesk: Galaxy Digital received a New York BitLicense and Money Transmission License for GalaxyOne Prime NY on May 18, opening the door for the firm to push further into regulated institutional crypto services in the state. Galaxy became the second company in 2026 to secure a New York BitLicense after Strike’s March approval.

The approval connects to Galaxy’s broader institutional business, including trading and custody access for clients operating in a jurisdiction that has historically been difficult for crypto companies to enter. The central point is institutional service coverage rather than another retail trading product.

Galaxy said New York joins a regulatory footprint of more than 50 global licenses. Galaxy said New York institutions, including registered investment advisors, hedge funds, and family offices, can access its trading and custody services.

Galaxy said the services are backed by a digital asset business managing $9 billion in client assets. Mike Novogratz said New York is home to the deepest pool of institutional capital in the country.

CoinDesk reported the approval made Galaxy the second company in 2026 to secure a New York BitLicense after Strike.

Mike Novogratz, Galaxy’s founder and CEO, said New York is home to the deepest pool of institutional capital in the country.

Galaxy was built in New York. As of today, we’re licensed by @NYDFS to serve institutional clients across the state — the deepest pool of capital in the country, and one where digital assets are no longer sitting at the edge of allocations.

https://t.co/6Or9Z0zGuL

— Mike Novogratz (@novogratz) May 18, 2026

The NYDFS defines covered virtual currency business activity broadly. It includes receiving or transmitting virtual currency, holding custody for others, buying and selling as a customer business, performing exchange services, and controlling, administering, or issuing virtual currency.

Galaxy’s licenses put that activity under a regulated route for the firm’s New York institutional business, which is why the approval matters for allocators that need compliant counterparties before they can move.

For years, the BitLicense acted as a bottleneck. Many crypto firms avoided New York entirely rather than go through the process.

The firms that did clear it gained access to a state where most of the country’s largest asset managers, pension consultants, and endowment advisors operate.

Galaxy now sits in that group. With $9 billion in client assets and a regulated New York entity in place, the firm has a direct line to institutional capital that was previously harder to reach through compliant channels.

Institutional crypto infrastructure keeps expanding. Every new BitLicense approval widens the set of regulated counterparties available to allocators who need them.

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