Bullish Europe GmbH

Crypto service provider · Frankfurt am Main, Germany

Bullish Europe GmbH is the German entity of Bullish, an institutionally focused digital asset platform listed on the New York Stock Exchange as BLSH. It is supervised by BaFin under BaFin ID 10162355 and holds a Qualified Crypto Custodian licence under the German Banking Act, a payment institution licence under the German Payment Services Supervision Act, and MiCA authorisation covering order execution, crypto to fiat and crypto to crypto exchange, transfers and custody. The exchange runs a single global order book with a proprietary automated market maker, and the group reports Top 3 global Bitcoin and Ether spot volume. It is not a bank and does not offer current accounts, cards or lending.

Legal name: Bullish Europe GmbH
Regulated by: BaFin (Germany, BaFin ID 10162355), Group entities: NYDFS (New York), Gibraltar Financial Services Commission, Hong Kong Securities and Futures Commission (CE No BUQ956)
Licence confirmed: yes, on a regulator's own list
Website: bullish.com/eu

Scores, 0 to 10

9.5Crypto-friendly bank

Crypto is the whole business: the German entity is authorised for order execution, crypto to fiat and crypto to crypto exchange, transfers and custody, and the group reports Top 3 global Bitcoin and Ether spot volume. · source

9.0Crypto wallet and custody for a business

BaFin-licensed qualified crypto custodian since December 2024 and MiCA CASP since September 2025, opening institutional accounts for companies with authorised representatives and separate sub-accounts, users and permissions. · source

9.0Bitcoin

Companies can trade, hold in segregated cold custody and withdraw BTC under its MiCA custody and transfer authorisation from September 2025; no lending or Lightning offered. · source

8.5On-ramp: buy crypto with fiat

Institutions deposit fiat through Deutsche Bank rails set up in October 2025 with instant payments and virtual accounts, then buy crypto on the exchange or OTC desk; BaFin added deposit and payout payment permissions in March 2026. · source

8.5Off-ramp: crypto to fiat in a business account

Its MiCA licence covers exchange of crypto for funds, and fiat withdrawals to company bank accounts run over the Deutsche Bank partnership announced October 2025. · source

8.5Ethereum

ETH spot trading, custody and transfers are covered by the same MiCA authorisation; no staking service for companies is listed on its EU pages. · source

7.5Stablecoins (USDC, USDT and others)

Exclusive venue for SG-FORGE's MiCAR-regulated USDCV and a trading venue for EURCV, so institutions can convert between these stablecoins and euros, though it does not issue its own. · source

7.0Europe (EU, EEA, Switzerland)

BaFin-supervised German entity (BaFin ID 10162355) with MiCA authorisation that reaches EEA clients, but the offering is crypto trading and custody, not euro banking. · source

6.5Financial strength & stability

NYSE-listed parent with USD 3.10 billion total assets and USD 2.46 billion net assets at 30 June 2026 and Deloitte audit, offset by a USD 280.0 million net loss in Q2 2026. · source

5.0Foreign-owned & non-resident companies

The group says Bullish serves customers in over 50 jurisdictions through a single global order book, but it does not publish the accepted country list or the conditions for foreign-owned entities. · source

4.5Fast digital onboarding

Onboarding is institutional and Bullish publishes no time to open; the site says the platform is available to customers in over 50 jurisdictions without naming them. · source

4.0Lowest fees

No fee schedule is readable on the public EU pages, which show only a location notice when opened from outside a serviced jurisdiction. · source

4.0Fintech companies that need a partner bank

Bullish supplies custody and liquidity to institutional counterparties but publishes no safeguarding accounts, sponsor banking or payment rail access for electronic money institutions. · source

4.0Customer satisfaction

No usable review data exists. Trustpilot holds one review on an unclaimed profile, and an institutional exchange has no consumer app rating or published service measure to read instead. · source

3.0High-risk verticals (iGaming, cannabis, adult, forex)

Bullish publishes no policy on gambling, cannabis, adult or forex clients on its public EU pages. · source

2.5Cross-border payments, FX and multi-currency accounts

There is no cross-border fiat payment product; the payment institution licence supports exchange of crypto-assets for funds and transfers on the platform, not multi-currency payouts. One unified account spans spot and derivatives, but there is no multi-currency cash pooling, hedging of commercial exposures or host-to-host bank connectivity. · source

2.5Startups & VC-backed companies

The platform is aimed at institutions and eligible corporate professional investors, with no startup programme, venture debt or pre-revenue onboarding path. · source

2.0Best interest on business balances

Bullish runs a full reserve model keeping customer assets 1:1 and segregated, so there is no yield, sweep or treasury product on balances. · source

1.5Online businesses: e-commerce and SaaS

No acquiring, no collection accounts and no marketplace payouts; the product is an order book and custody. No USD or EUR receiving accounts for software companies, no accounting integrations and no revenue-based financing. · source

1.0Trade, manufacturing & import-export

No letters of credit, guarantees, documentary collections or supply-chain finance anywhere in the product set. · source

1.0Business cards (Visa, Mastercard)

Bullish issues no business debit or credit cards; the licensed activities are exchange, transfer and custody of crypto-assets. · source

1.0Accept crypto payments

Bullish Europe is a trading and custody venue; its EU product and custody pages checked in September 2026 list no merchant checkout or invoice payment service. · source

Sources

Built on public information and the BankStore team's own aggregated experience; no confidential client or partner data. Bank Index and BankStore are not banks. This is information, not financial advice.