Galaxy Digital gains NY BitLicense, stock dips
6.6 Regulation Galaxy Digital earned a BitLicense and Money Transmission License in New York, expanding crypto services. Despite this achievement, GLXY stock dropped 7.95%.
Galaxy Digital has secured both a BitLicense and a Money Transmission License from the New York State Department of Financial Services. This approval enables Galaxy to offer regulated digital asset trading and custody services to institutions, businesses, and residents across New York. The licenses, granted to GalaxyOne Prime NY, expand the company’s regulatory footprint to over 50 licenses worldwide. This move allows Galaxy to provide direct access to institutional clients, including investment advisors, hedge funds, and family offices. Despite this significant regulatory milestone, Galaxy Digital’s stock (GLXY) fell 7.95% to $27.25 after an initial rally. The BitLicense is one of the most stringent crypto regulatory approvals in the U.S., requiring strict compliance with anti-money laundering, cybersecurity, and capital standards. Galaxy now manages around $9 billion in client assets and joins a select group of firms holding the BitLicense, further strengthening its presence in a key financial market.
