EU CRYPTO REGISTER · AUTHORISED · LAST VERIFIED
Is Bullish Europe GmbH licensed under MiCA in the European Union?
Bullish Europe GmbH's European entity (Bullish Europe GmbH) is recorded as an authorised Crypto-Asset Service Provider under the EU's Markets in Crypto-Assets Regulation, with its authorisation issued by Germany on 4 September 2025.
Verdict: Bullish Europe GmbH appears in the ESMA Register of MiCA-Authorised CASPs.
| Legal entity | Bullish Europe GmbH |
|---|---|
| Home Member State | Germany |
| National Competent Authority | Federal Financial Supervisory Authority (BaFin) |
| Authorisation date | |
| Legal Entity Identifier (LEI) | 2549008CBASK5Q680X12 |
| Authorised services | Custody, Exchange for funds, Exchange for crypto, Order execution, Transfer services |
Source: ESMA Register of Crypto-Asset Service Providers. Retrieved 30 June 2026.
About Bullish Europe GmbH
Bullish Europe GmbH is the European arm of Bullish, a digital-asset trading platform listed on the New York Stock Exchange under the ticker BLSH. Research describes it as an institutionally focused crypto-asset service provider (CASP) rather than a consumer retail exchange, bank, broker or asset manager, with its European headquarters in Frankfurt, Germany. According to the research summary the broader Bullish operation traces back to a Gibraltar entity launched in 2021, with the German subsidiary formed later to operate within the EU. Source: Bullish Trust & Transparency
On the service side, the research summary states the platform offers multi-asset crypto services covering assets such as Bitcoin and Ethereum, centred on spot trading, custody and order execution, with EUR/SEPA support delivered through the exchange of crypto-assets for funds. The same summary states it does not offer savings, dollar-cost-averaging, staking or card products. These are described as institutional capabilities rather than a retail consumer app, so the offering should be read in that context. Source: Bullish Trust & Transparency
On the legal point, the contracting entity is Bullish Europe GmbH, registered in Frankfurt, and its national regulator is Germany's Federal Financial Supervisory Authority (BaFin). Per the research data, the firm is authorised under MiCA for the following crypto-asset services: custody and administration, exchange of crypto-assets for funds, exchange of crypto-assets for other crypto-assets, execution of orders, and transfer services. The research indicates the authorisation can be passported across the EU, including France, where the AMF lists the firm on its CASP white list. Sources: AMF France CASP white list, SEC EDGAR filing
What the licence does not cover is equally relevant: the authorised services listed above do not include placing of crypto-assets, reception and transmission of orders, providing advice on crypto-assets, or portfolio management. Any service outside the five listed activities is not covered by this MiCA authorisation. Source: AMF France CASP white list
Which crypto services is Bullish Europe GmbH authorised to offer in the EU?
Under its MiCA authorisation issued by Federal Financial Supervisory Authority (BaFin), Bullish Europe GmbH (Bullish Europe GmbH) is approved to provide the following services to EEA residents. Each service is defined in Article 3(1)(16) of Regulation (EU) 2023/1114.
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Providing custody and administration of crypto-assets on behalf of clients
The exchange holds your crypto in its own wallets. Authorisation here means MiCA's segregation and insurance rules apply: client crypto-assets must be ring-fenced from the exchange's own funds.
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Exchange of crypto-assets for funds
The exchange offers crypto-to-fiat (e.g. BTC to EUR) and fiat-to-crypto conversion. Authorisation here implies MiCA's pricing transparency requirements.
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Exchange of crypto-assets for other crypto-assets
The exchange offers crypto-to-crypto trading (e.g. BTC to ETH). Required for most spot trading pairs not denominated in fiat.
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Execution of orders for crypto-assets on behalf of clients
The exchange can place orders for you on third-party venues (smart-routing). Less common in retail crypto; relevant for brokerage-style services.
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Providing transfer services for crypto-assets on behalf of clients
The exchange can move crypto between addresses on your behalf, including off-platform withdrawals. The Travel Rule applies to these transfers.
Which services is Bullish Europe GmbH not authorised to offer?
Bullish Europe GmbH's MiCA licence does not cover: Trading platform, Placing, Order R&T, Advice, Portfolio mgmt. These services may still be offered by other authorised providers, or by Bullish Europe GmbH under a different regulatory framework (for example, derivatives may fall under MiFID II rather than MiCA). Source: ESMA Register, retrieved 30 June 2026.
See other MiCA-authorised exchanges by service:
Why is Bullish Europe GmbH licensed in Germany?
Germany's BaFin runs a strict, banking-style authorisation model. Trade Republic, which already held a German banking licence, was authorised in April 2025. BaFin previously refused Binance's German licence application in 2023, leading Binance to withdraw from the German market. Source: Federal Financial Supervisory Authority (BaFin).
| National Competent Authority | Federal Financial Supervisory Authority (BaFin) |
|---|---|
| Investor compensation | EdW (compensation scheme for securities firms) plus bank-deposit cover where applicable. |
| Regulatory context | BaFin's banking-style scrutiny is the highest barrier among MiCA NCAs. |
What does this mean for users of Bullish Europe GmbH in the EU?
If you transact through Bullish Europe GmbH's EEA-authorised entity (Bullish Europe GmbH), the protections introduced by MiCA apply to your relationship from onwards. In practical terms this means: client crypto-assets are ring-fenced from the exchange's own funds (Article 70 MiCA), the authorised entity holds prudential capital, has formal complaint-handling procedures, and is subject to transparency obligations on fees and order execution. Source: Regulation (EU) 2023/1114.
One thing to verify yourself: the legal entity you contract with day-to-day must match the entity in the ESMA register. Some global exchanges operate multiple legal entities under one brand. Confirm in Bullish Europe GmbH's terms of service that your contracting entity is Bullish Europe GmbH, not a non-EEA affiliate.
Which MiCA-authorised exchanges are alternatives to Bullish Europe GmbH?
Three MiCA-authorised providers to consider. Drawn from the ESMA register, never paid placement.
| Provider | Home Member State | Authorised | Services |
|---|---|---|---|
| Alaric Securities | Bulgaria | 9 services | |
| OKX | Malta | 9 services | |
| Kraken | Ireland | 8 services |
Related reading
Understand the regulatory context behind Bullish Europe GmbH's entry on the register:
Frequently asked questions about Bullish Europe GmbH and MiCA
Is Bullish Europe GmbH licensed under MiCA?
Yes. Bullish Europe GmbH appears in the ESMA Register of MiCA-Authorised Crypto-Asset Service Providers, with its authorisation issued by the competent authority of Germany.
Which EU countries can Bullish Europe GmbH serve under this licence?
A MiCA authorisation in one EEA member state permits passporting across all EEA member states, subject to a notification process to each host-state regulator.
Are my crypto-assets on Bullish Europe GmbH protected under MiCA?
MiCA introduces ring-fencing of client crypto-assets, prudential capital requirements for the authorised entity, complaint-handling obligations, and conduct rules. It does not provide a deposit-guarantee scheme equivalent to bank deposit insurance.
What's the difference between the authorised entity and the global brand?
Some global exchanges operate multiple legal entities. The MiCA authorisation applies only to the specific legal entity in the ESMA register, not to the global brand. Verify the contracting entity in Bullish Europe GmbH's terms of service.
Where can I check the official record?
The ESMA register publishes the authoritative list and updates it weekly. The direct link to Bullish Europe GmbH's entry is on this page under 'Sources'.
Sources
- ESMA Register of Crypto-Asset Service Providers
- Federal Financial Supervisory Authority (BaFin)
- ESMA MiCA Register - Bullish Europe GmbH (Bullish Europe GmbH)
- Bullish Europe GmbH official website
- Bullish Trust & Transparency (BaFin ID, legal entity, managing directors)
- AMF France CASP white list - Bullish Europe GmbH
- SEC EDGAR - Bullish MiCAR licence announcement
This page is updated weekly. Last verified . If you believe any information on this page is inaccurate, write to our contact page.